Kraft Heinz, the leading US food and drinks multinational, has announced an agreement to purchase Turkish sauces business Assan Foods for approximately $100 million.
Assan Foods manufactures and sells a wide range of products including tomato paste, ketchup, mayonnaise, and pasta and meat sauces under brands such as Colorado, Kingtom, and Oba, as well as private label. With approximately 400 employees, Assan Foods serves the domestic market and exports to around 50 countries on four continents.
Assan Foods, which has been Kraft Heinz’s production partner since 2019, operates facilities in Balikesir and Izmir. The US firm said the deal would allow it to leverage Assan Foods’ large distribution network and build its international reputation, starting with Turkey.
The firm’s products are likely to appeal to a variety of international cuisines, Kraft Heinz said
“This is a great opportunity to accelerate our international growth strategy centered on Taste Elevation”, said Rafael Oliveira, international zone president at Kraft Heinz. “We believe Assan Foods is a high-performance organization that brings best-in-class local innovation and production of sauces and tomato products, as well as a significant distribution network in the fast-growing foodservice channel, enabling us to further build our scale and agility by expanding the Heinz brand in Turkey, as well as our International Taste Elevation platform more broadly”.
The deal is expected to be concluded in the second half of 2021.
Source: Kraft Heinz press release