Ferrero invests in Turkey by acquiring the leader of hazelnut sector

Italian Ferrero resumes Turkish society Oltan, leader in the production and marketing of nuts.

Ferrero invests in Turkey, the No.1 country worldwide in the production of hazelnuts, key ingredients for Nutella and other delicacies produced by the Italian group. In a statement, Ferrero, without revealing financial details, announced the acquisition of 100% share of Oltan group.

The group Oltan is the largest producer and exporter of hazelnuts in Turkey. Based in Trabzon, on the shores of the Black Sea, in the heart of one of the main producing areas, Oltan Group operates five production plants that exports to the EU and other major markets. Its annual turnover is 500 million U.S. $.

source : reuters, invest gov tr