View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
March 3, 2021

Siniora Food Industries takes majority stake in Turkish peer Trakya ET

Siniora Food Industries, a meat processor in the Middle East, has acquired a majority stake in a Turkish peer as part of its geographical expansion.

By Dean Best

Siniora Food Industries, a meat processor in the Middle East, has acquired a majority stake in Turkish peer Trakya ET, which owns the Polonez brand. 

Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

Publicly-listed Siniora, which was founded in Jerusalem, Palestine, in 1920, has taken a 77% interest in Trakya for US$28.3m as it seeks to use Turkey as a gateway to Europe as part of its geographical expansion.

In 1992, Siniora opened a factory in Jordan, and then gained access to Dubai when it acquired the Diamond Meat Processing Company in 2016. It was taken over in 1996 by the Arab Palestinian Investment Company (APIC), set up by a group of businessmen in 1994 to channel investment into Palestine. It now supplies a range of canned, frozen and cold cut meat products across the region, including salami, sausage and burgers under its namesake brand and Unium.

Majdi Al-Sharif, the CEO of Siniora, said in a statement the addition of Trakya is expected to boost its revenues this year by around $40m, and also contribute to profits. The company plans to upgrade the Turkish firm’s production lines under the investment.   

For the financial year ended 31 December 2019, Siniora generated sales of JOD63.8m (US$90m) and profits of JOD6.1m.

Istanbul-headquartered Trakya produces a range of chicken, lamb and turkey products, including portions, sausages, kebabs and meatballs. No financial details around performance were available on its website.

just-food has approached the parent APIC for confirmation of which customers both companies supply to in terms of retail or foodservice, or both.

Related Companies

Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

Topics in this article: ,
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every other month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Food