TURKEY: Ferrero seals deal for hazelnut firm Oltan
Ferrero has acquired Turkish hazelnut producer Oltan Group
Ferrero has confirmed the acquisition of Turkish hazelnut processor Oltan Group for an undisclosed sum.
The Italy-based confectioner announced the move yesterday (16 July), saying the deal would "guarantee and further improve the quality of a leading raw material" in many of its products.
Oltan Group has five production facilities exporting hazelnut products - including roasted, bleached and chopped hazelnuts as well as hazelnut kernels, meal and paste - to overseas food manufacturers. The firm has an annual turnover of more than US$500m.
Turkish press reports began circulating earlier this month regarding the potential acquisition. A source close to the situation confirmed to just-food there were discussions but that nothing had been secured at that point.
The Ferrero Group, one of the market leaders of the confectionery industry, continues to strengthen its presence in the hazelnut market in order to guarantee and further improve the quality of a leading raw material that gives a unique taste to many of its popular products, such as Nutella® hazelnut spread , Ferrero Rocher® chocolates and Kinder Bueno® chocolate.
In line with this, the Ferrero Group has acquired 100% of the family-owned Oltan Group. Oltan Group is the worldwide leading operator in the procurement, processing and marketing of hazelnuts, with an annual turnover above $500 million.
Based in Trabzon, Turkey, the Oltan Group is active throughout the main hazelnut growing regions with five production facilities exporting to the European Union and other major markets around the world.
The agreement is still subject to the final approval by the competent Regulatory Authorities.
This acquisition will foster Ferrero's Corporate Social Responsibility engagement on sustainable agricultural practices, already active in Turkey through its dedicated program named Ferrero Farming Values (FFV). This is based on specific principles and focused mainly on enhancing farming skills of all farmers and improving their possibility of revenue increase.
The mutual interests between Ferrero's long term and quality-oriented investment approach and Oltan's historical, valuable, and consolidated presence in the Turkish hazelnut market will represent a significant opportunity for a sustainable and leading growth of the Turkish hazelnut sector in the future.
Original source: Ferrero
Despite aggressive promotional activities and advertisements, the Italian market for Ferrero Spa shrank 5% as a whole in the latest fiscal year, and therefore the company continues to look at external...
Ferrero Deutschland GmbH’s strategy has to be seen – as the company is the German subsidiary of Ferrero SpA – in the context of the parent company, of course. As far as the approach in general is conc...
Ferrero has performed well with its core brands. Although the company is perhaps still too focussed on Western Europe, it has made gains in fast developing markets such as Brazil and China. An area of...
The competition between branded and private label products remained a major influence over sales of baked goods during 2014 as high levels of price promotional activity continued to place limits on va...
- Premier Foods to push on with range revamp
- Why FMCG background key for next Thorntons CEO
- Focus: Why Dairy Crest needs to offload dairies
- UK Responsibility Deal must solve credibility gap
- Sweets & Snacks Expo: just-food's pick
- Unilever CFO Jean-Marc Huet stands down
- Mars launches "healthy" snacks Goodnessknows
- JBS "seeking M&A" in Americas, Australia
- General Mills launches Greek yoghurt in Australia
- Dairy Crest earnings fall
- Mars Inc in Packaged Food (World)
- ALDI 2015: Radically transforming Anglo Saxon grocery markets
- Pizza Delivery & Takeaway in the UK - Industry Market Research Report
- Chocolate Flavors Market by Application & Region - Global Trends & Forecast to 2019
- Global Database of the Top 1000 Chocolate and Confectionery Producers - Company Names, Financial Performance, and Contact Details