Kraft Heinz snatches up Turkey’s Assan Foods

Assan Foods has been a certified production partner for Kraft Heinz since 2019 and offers the US firm the opportunity to build its retail and foodservice business across Europe, the Middle East and Africa, the buyer said in a press release on Friday.

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.

The transaction hinges on regulatory clearances and is set to close in the second half of 2021.

Kibar Holding was established in 1972. The group operates in various industries, including metal, automotive, packaging, construction materials, real estate, logistics, energy, food and service with its more. Its portfolio houses more than 20 companies and has 7,000 employees.

($ =0.8258 euro)

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