Siniora moves into Turkey with Trakya ET acquisition

Siniora Food Industries Company has announced the acquisition of a 77% stake in Turkey’s Trakya ET Co., a meat manufacturing company that owns the Polonez brand, in a $28.3 million deal.

Through the deal, Jordan-based meat processing company Siniora – a subsidiary of Arab Palestinian Investment Company (APIC) – aims to increase its market share on a regional and global scale.

The acquisition comes as part of the company’s growth strategy, and APIC and Siniora chairman Tarek Aggad said that Turkey will be the cornerstone for Siniora’s products to reach European and global markets.

Siniora CEO Majdi Al-Sharif said that the new addition to the company’s portfolio will strengthen its financial position and is expected to boost Siniora’s revenues by around $40 million in 2021.