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.
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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.
