Cargill has signed an agreement to acquire Turyağ, a Turkish fats and oils company employing more than 200 people.
The acquisition will allow Cargill to grow its food ingredient activities in Turkey and to expand its portfolio with oils and fats to better serve its customers in Turkey and beyond.
The acquisition will include integrated crush and refinery assets, sales and manufacturing organizations, related business-to-business brands, intellectual property and know-how, and more than 200 people currently employed by Turyağ.
Excluded from the transaction are the retail business and consumer brands.
“The acquisition of Turyağ will help Cargill create value for our customers in Turkey. It will diversify our product offering and portfolio, enabling us to build stronger partnerships with global, regional and local customers,” said Murat Tarakçıoğlu, president of Cargill in Turkey.
Today, Cargill says it has a strong position in Turkey’s food industry, particularly in starches and sweeteners.
“The acquisition provides our customers with additional opportunities in the oils and fats industry and enhances our long term view on developing our business in the Middle East, Turkey and North Africa,” said Tarakçıoğlu.
The transaction is still subject to regulatory approvals and is expected to close in the coming weeks.