LUXEMBOURG, LUXEMBOURG -- (Marketwired) -- 07/16/14 -- The Ferrero Group, one of the market leaders of the confectionery industry, continues to strengthen its presence in the hazelnut market in order to guarantee and further improve the quality of a leading raw material that gives a unique taste to many of its popular products, such as Nutella, Ferrero Rocher and Kinder Bueno.
In line with this, the Ferrero Group has acquired 100% of the family-owned Oltan Group. Oltan Group is the worldwide leading operator in the procurement, processing and marketing of hazelnuts, with an annual turnover above $ 500 million.
Based in Trabzon, Turkey, the Oltan Group is active throughout the main hazelnut growing regions with five production facilities exporting to the European Union and other major markets around the world.
The agreement is still subject to the final approval by the competent Regulatory Authorities.
This acquisition will foster Ferrero's Corporate Social Responsibility engagement on sustainable agricultural practices, already active in Turkey through its dedicated program named Ferrero Farming Values (FFV). This is based on specific principles and focused mainly on enhancing farming skills of all farmers and improving their possibility of revenue increase.
The mutual interests between Ferrero's long term and quality-oriented investment approach and Oltan's historical, valuable, and consolidated presence in the Turkish hazelnut market will represent a significant opportunity for a sustainable and leading growth of the Turkish hazelnut sector in the future.
Contacts:
For media inquiries, please contact:
Heather Anderson
High Road
416-644-2272
Heather.anderson@highroad.com
