October 5 (SeeNews) - US food giant The Kraft Heinz Company said it has wrapped up the $100 million (86.2 million euro) deal to buy Turkish ketchup maker Assan Foods from domestic conglomerate Kibar Holding.
“Assan Foods makes high-quality sauces and tomato products that we believe fit perfectly into our International Zone’s growth strategy focused on Taste Elevation, and expands our presence in a part of the world that holds tremendous long-term opportunity for our company and our brands,” Rafa Oliveira, International Zone President at Kraft Heinz, said in a press release published Monday.
You can subscribe to our M&A newsletter here
Kraft Heinz inked the deal in June as part of its international growth strategy.
Kibar set up Istanbul-based Assan Foods in 1998. The company has manufacturing facilities in Balikesir and Izmir and operates a portfolio of products including tomato paste, ketchup, mayonnaise, and pasta and meat sauces that are offered under brands such as Colorado, Kingtom and Oba. The business, which employs about 400 people, serves the domestic market and exports to around 50 countries.
($ =0.8624 euro)