Cargill to acquire majority stake in Turkey’s Ekol Gıda
ISTANBULThe U.S.-based food giant Cargill announced on May 27 that one of its units has agreed on terms to acquire a 51 percent stake in Ekol Gıda, which operates in the premixes and animal feed additives market in Turkey.
The deal, which is subject to regulatory approval, is expected to close in summer 2015, the company said in a press release.
No financial details have yet been disclosed.
“Customers will gain access to Cargill’s extended product portfolio and technical expertise,” said Mark Poeschl, vice president and group director of Cargill’s animal nutrition business.
The commercial focus of the company will be on Turkey and other particular export markets.
Serhad Çelik, founding partner and general manager of Ekol Gıda, said the company will “increase its customer network in premixes, feed additives and enhance market knowledge.”
Cargill said that the transaction was “aligned with Cargill’s animal nutrition business’ growth strategy.”
“In addition to retaining Ekol Gıda’s products and services, Cargill will also strengthen its commitment to Turkey as a primary growth market by building technical applications centers for poultry and dairy, raising research and development capabilities,” said the company.
After a transitional period, the business will operate under the global Provimi brand in the market.