TURKEY: Hero buys out Yildiz from infant food JV
Hero said deal was "exciting opportunity"
The venture was jointly established ten years ago but Hero has bought Yildiz's 50% stake in the business.
The Ulker Bebe biscuit brand will separate from the Hero Gida business and remain with Yildiz Holding.
A statement issued by Hero said the "acquisition is a strategic move to enhance Hero's position in global infant nutrition and underlines the company's commitment to the region".
Rob Versloot, CEO of Hero Group, added: "This strategic acquisition is an exciting opportunity for Hero's core infant food business and will contribute to the group's continued strong performance in the region. Hero Gida has completed a very successful 2013 and is well positioned to take the business to the next level."
Yildiz Holding pursues the goal of maintaining its leading position in packaged food in Turkey, and expanding the range of categories in which it operates to out-compete the rising number of local and...
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In 2013, biscuits demonstrated a good current value growth, just slightly below the review period CAGR. This is the result of a growing number of new innovative product launches and improved economic ...
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