Olam International says it is planning to acquire the entire equity interest in Turkish hazelnut manufacturer and supplier, Progida Group, for 66 million Turkish lira ($63.7 million).
The transaction will include Progida’s key assets and processing capabilities, including an ingredient processing facility in the Giresun region and two leased cracking units in the Ordu region.
The acquisition represents Olam’s first foray into Turkey and the hazelnut business, and will provide Olam with a strong position in supplying four major nut categories – Cashews, Almonds, Peanuts and Hazelnuts.
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