Turkey’s Yıldız Holding plans ‘strong investment’ to raise capacity in Turkey, US and Britain
ISTANBUL - ReutersYıldız Holding will ramp up investments this year to above 1.6 billion Turkish Liras with a new planned project in East Africa and capacity increases in Turkey, the United States and Britain, the company’s deputy chairman told reporters late Jan. 13.
“This year and the next will be years that will see Yıldız Holding making some of its biggest capital investments,” said Cem Karakaş, deputy chairman of Yıldız Holding. “This year’s investments will exceed the 1.6 billion liras in 2015.”
The company is Turkey’s largest food firm and the world’s third largest cookie company after its acquisition of Britain-based United Biscuits.
The company will make strong investments to raise capacity in Turkey, Britain and the U.S. in 2016 and 2017 in line with its annual growth target of 17 percent on the pound basis in the snacks business in the next three years, he said.
Yıldız Holding also plans to launch a new project in East Africa, mainly in Kenya, Uganda and Tanzania, adding that they had already started to consolidate the Saudi Arabia, Romania and Egypt operations of United Biscuits and Yıldız Holding.
Karakaş said their aim was to become the second largest candy company in the world and top company in emerging markets, adding that raising capacity would be crucial.
“Our group will reach the highest investment volume and create the highest number of new jobs in 2016 and 2017,” he said.
He noted the planned investments were more than the group’s 1.6 billion of investment in 2015.
Sales revenue at Yıldız Holding’s snacks and biscuits segment was $4.4 billion in 2015, Karakaş said, adding that an increase of around 15-17 percent was expected in 2016.
He also said Yıldız Holding would cease its departure from some categories and would return to making investments in such areas.
Karakaş said over 1,000 new stores would be opened under the Şok supermarket chain brand in 2016.