Siniora Food Industries, a subsidiary of Arab Palestinian Investment Company (APIC) and a leading regional meat processing company, announced the acquisition of a 77% stake in Trakya ET Co., a meat manufacturing firm in Turkey.
According to PR Newswire, the acquisition is part of the company’s strategy to grow its market share regionally and globally and the Turkish market will be a key element for Siniora products to enter the European and world markets.
Siniora produces a range of canned, frozen, and cold cut meats, and Trakya ET’s brand Polonez, will now be part of Siniora’s portfolio. According to the company’s CEO, Majdi Al-Sharif, the addition of the brand is expected to boost Siniora’s revenues by around $40 million and contribute to profits in 2021.
Siniora plans to upgrade Trakya ET Co’s current production lines.
The deal was worth $28.3 million.