Cargill buys Turkish chemicals firm for vegetable-oil goods production
ISTANBULAmerican food and finance giant Cargill has acquired Turkish oleochemical company Alemdar Kimya to manufacture its vegetable-oil-based industrial products in Turkey, the head of the U.S. company’s Turkey arm has said.
The total investment of the global company operating in the food, agriculture, finance and industrial product sectors will reach around $50 million in Turkey, Cargill Turkey’s Chairman Murat Tarakçıoğlu said at a press meeting held late April 22.
Recalling that the company this year took the decision to convert Turkey into its investment and management base for the Middle East and North Africa, Tarakçıoğlu said the Alemdar Kimya purchase crowned the company’s decision.
“We will carry out the manufacturing of our vegetable-oil-based, environmentally friendly industrial crude products in Turkey, as the third country after the United States and Brazil,” he said.
“To that end, we have bought out all share and name rights of Alemdar Kimya that operates in the oil chemistry field,” he said.
The vegetable oil products will replace oil derivatives used in textiles, dye, detergents, paper, package, construction and transformer and cooling systems, according to information provided during the meeting.
Because of this, the end product will be more eco-friendly as well as reducing Turkish companies’ dependence on imported oil derivatives, the company said.