Swiss food giant Nestlé has said it is to sell its dairy business in Turkey to France’s Groupe Danone for an undisclosed amount.
In the deal, which requires regulatory approval, Nestlé Turkey is to sell its chilled dairy and milk production, a factory and the Mis brands, to the French dairy giant, reported Dow Jones Business News.
Nestlé is to remain in Turkey through its Nesquik and Nestlé Cocuk milk brands.
Danone said the deal would double its revenue in Turkey, and added that the deal would include Nestlé’s UHT milk operations in Turkey.
Separately, Danone said it would buy the 50% it does not already own in its joint venture with Turkish conglomerate Sabanci Holding.
The joint venture was set up in 1997 to produce water, soft drinks, milk and milk products.