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.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
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.
