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.
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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.”
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By GlobalData
