Japanese food conglomerate Ajinomoto has announced that it has acquired an additional 50% of the stock of Kükre A.Ş., with the Turkish business now becoming a wholly owned subsidiary.
The transaction was valued at 181 million Turkish lira (€44 million), and will enable Ajinomoto to 'accelerate business expansion in Turkey with the intention of further strengthening its operations in the Middle East', the company said in a statement.
Entering Turkey
The Japanese firm first took a 50% stake in Kükre A.Ş. in 2013, having first entered Turkey in 2011. Earlier this year, 2017, it also announced the acquisition of all shares of Örgen Gıda Sanayi ve Ticaret A.Ş.
Net sales of Kükre A.Ş. in 2016 were approximately TRY 70 million, which about twice that of 2014.
'Making Kükre A.Ş. a wholly owned subsidiary will enable the Ajinomoto Group to act as a comprehensive food manufacturer in Turkey, adding Kükre A.Ş.’s Kemal Kukrer brand liquid seasoning business to Örgen’s Bizim Mutfak brand business for bouillon, powdered soups and other products,' Ajinomoto said in a statement.
'Ajinomoto Co. will continue to contribute to the health and well-being of local consumers through the development of product categories adapted to local eating habits and food culture.'
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Sign-up for a subscription to ESM: The European Supermarket Magazine.
