Palsgaard has acquired Turkish food ingredients distributor Teknaroma for an undisclosed sum, expanding its distribution footprint in Southern Europe.
The Danish emulsifier and ingredients producer has acquired 90% of Teknaroma’s shares, with Teknaroma’s previous owners retaining a 10% stake in the company.
The two companies have worked in partnership since 1997, as Teknaroma previously held the exclusive distribution rights to Palsgaard products for the Turkish market.
As a result of the takeover, Teknaroma managing partner Cengiz Altop becomes managing director of the newly-formed Palsgaard Teknaroma business unit, while Palsgaard states that Teknaroma will continue its current agency and distributor activities for the foreseeable future.
Palsgaard has also announced plans to expand Teknaroma’s existing application facilities in Turkey. The facilities will cover chocolate as well as other categories, including bakery and dairy.
According to a statement from Palsgaard, the company will now look to expand its operations in Turkey and surrounding markets.
Jakob Thøisen, CEO of Palsgaard, said: “We are delighted to have concluded the purchase of Teknaroma and to be able to secure the services of all the highly experienced staff in its Istanbul office.
“Teknaroma has successfully represented Palsgaard in the Turkish market for more than 20 years and adding the business to the global Palsgaard family will offer significant advantages to all parties.”
Palsgaard Teknaroma managing director Cengiz Altop said: “The takeover agreement is fantastic news for Teknaroma. We will become part of the global Palsgaard operation and gain access to its vast resources.
“This will make it possible for us to expand our activities in the Turkish market and beyond, allowing us to achieve new levels of success. Teknaroma will also become the application centre for the area, which will enable us to strengthen our partnerships with important customers.”
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