Hero said deal was "exciting opportunity"

Hero said deal was "exciting opportunity"

Swiss food manufacturer Hero Group has acquired Yildiz Holding's stake in Turkish joint venture Hero Gida.

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."