American agribusiness firm Cargill has entered into an agreement to acquire Turyag, a Turkish fats and oils company, for an undisclosed amount.
The acquisition will enable Cargill to expand its food ingredient activities in Turkey, and strengthen its portfolio with oils and fats to better serve its customers in Turkey and beyond.
Cargill Turkey president Murat Tarakçioglu said that the acquisition will help Cargill 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," he added.
As part of the deal, Cargill will acquire integrated crush and refinery assets, sales and manufacturing organisations, related B2B brands, intellectual property and know-how, as well as more than 200 employees.
However, Cargill will not acquire the retail business and consumer brands.
The transaction, which is still subject to regulatory approvals, is expected to close in the coming weeks.
Currently, Cargill is a leading player in Turkey with a strong position in the food space and particularly in starches and sweeteners.
The company, which has been active in Turkey since 1960, has 300 employees in nine locations in Turkey and in MENA, and is involved in the following areas in the region: starch and sweeteners production/sales, grain and oilseed trading, industrial products and finance.
Image: The addition of oils and fats to its portfolio will enable Cargill to better serve its customers in Turkey and beyond. Photo courtesy of Cargill, Incorporated.