Mavi Boncuk | Nestle's Turkey unit agreed to buy a 51 percent stake in Turkish chocolate and confectionary makers Dogan and Balaban Gida[1] on Monday to increase its presence in the lower-priced confectionery market.
Nestle Turkey didn't disclose a price for the acquisition. The transaction is subject to approval by the anti-trust regulator, the company said in an e-mailed statement. The lower-priced confectionery goods segment, worth about 3.6 billion lira ($2.3 billion), accounts for half of the total market, Nestle Turkey Chief Executive Officer Devrim Cobek said, according to the statement. ($1=1.5450 lira)
[1] DOGAN GIDA was founded in Sakarya in 1976 and has managed to be one of the best companies with its high quality biscuits, chocolate and wafers .The firm is among the most important producers in Turkish Food Sector, which is in a closed field of 25.000 m2 and totally 50.000 m2 with its 200 employees. BALABAN GIDA that began to manufacture in Sakarya 1.Organized Industrial Zone in 1993 with highest technology has become one of the most leading sectors with its first-class products.
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