Siniora Food acquires Turkish meat manufacturer Trakya ET

Jordan-based meat processing firm Siniora Food Industries Company has launched its operations in Turkey by acquiring a 77% stake in Trakya ET for $28.3m.

Trakya ET manufactures meat and also owns the Polonez brand. It offers a wide range of meat products such as dry meat, roasted beef, sausages, lamb chops, turkey, chicken, and various grill types.

Founded in 1920, Siniora Food Industries is a subsidiary of Arab Palestinian Investment Company (APIC) and a regional meat processing company.

APIC and Siniora chairman Tarek Aggad said: “The acquisition is a unique addition to Siniora and came as part of the company’s growth strategy to increase its market share on a regional and global scale by expanding its production lines and targeting new markets.

“Aggad confirmed that the Turkish market will be the cornerstone for Siniora’s products to reach European and global markets.”

Siniora CEO Majdi Al-Sharif explained that the acquisition of Trakya ET would further bolster its revenues and profits, as well as strengthen its financial position.

Al-Sharif further added that the deal would boost the company’s revenues by approximately $40m this year.

Going forward, Al-Sharif said that Siniora will upgrade its current production lines of Trakya ET Co. (Polonez).

Siniora Food Industries manufactures meat products in Palestine, Jordan, and Saudi Arabia. The company is established for its mortadella.

Siniora also owns and operates a fully equipped laboratory and control department.