Ajinomoto to acquire Turkish food company Orgen for $66m
Japanese food ingredients company Ajinomoto has entered into an agreement to acquire Turkish food company Örgen Gıda Sanayi ve Ticaret (Örgen) for TRY220m ($66m).
While Yildiz Holding holds 51% stake in Orgen, the remaining stake is owned by the company’s founders.
The acquisition is expected to strengthen Ajinomoto’s business foundation and further accelerate its business expansion in Turkey.
Currently, Örgen is involved in manufacturing and sales of a wide range of seasonings and foods.
Through the acquisition, Ajinomoto will gain access to its four businesses - bouillon, powdered soups, menu-specific seasonings and powdered desserts.
Besides, it will acquire Örgen’s trademark for its brand Bizim Mutfak, which is widely sold in Turkey.
Ajinomoto said: “In its FY2014-2016 Medium-Term Management Plan, Ajinomoto sees Turkey as the starting point for business expansion in the Middle East region.
“The Ajinomoto Group will continue to contribute to well-being through providing more delicious, higher-quality products adapted to local food cultures and customs.”
Ajinomoto plans to acquire all of the shares of Örgen in early March 2017.
After the completion of the acquisition, the company intends to maintain Örgen’s current management structure.
In 2013, Ajinomoto acquired 50% stake in Turkish food company Kükre that owns the traditional seasoning brand Kemal Kükrer.
Ajinomoto said that it has since strengthened its business foundation in Turkey and expanded its food business into new fields.
Earlier this month, Ajinomoto entered into agreement to acquire 33.3% stake in seasonings and processed foods manufacturer Promasidor Holdings for $532m.
Promasidor currently has presence in 36 countries throughout Africa.
Image: Ajinomoto headquarters, located at Kyobashi, Chuo, Tokyo, Japan. Photo courtesy of Lombroso/Wikipedia.