Cargill has entered into an agreement to acquire Turkish fats and oils company Turya, as part of its plans to expand its food ingredient operations in the country.
The acquisition Turyag , which has a workforce of more than 200 people, will help Cargill expand its portfolio with oils and fats to better serve its customers in Turkey and across the world.
The transaction includes integrated crush and refinery assets, sales and manufacturing organizations, related B2B brands, intellectual property and know-how. Turyag's retail business and consumer brands are excluded from the transaction.
Cargill Turkey president Murat Tarak ioglu said the acquisition of Turyag will help the company create value for its customers in Turkey.
"It will diversify our product offering and portfolio, enabling us to build stronger partnerships with global, regional and local customers."
"The acquisition provides our customers with additional opportunities in the oils and fats space and enhances our long term view for developing our business in the Middle East, Turkey and North Africa," Tarak ioglu added.
The acquisition, which is subject to regulatory approvals, is expected to close in the coming weeks.
Image: The acquisition will allow Cargill to expand its portfolio with oils and fats to better serve its customers in Turkey and beyond. Photo: courtesy of Cargill, Incorporated.
