Palsgaard has announced the takeover of Turkish food ingredients distributor, Teknaroma. The Danish emulsifier ingredients supplier acquired 90% of the company’s shares, with Teknaroma’s previous owners retaining 10%.
The agreement reinforces the relationship between the two parties, with Teknaroma having had exclusive distribution rights to Palsgaard products on the Turkish market since 1997. Palsgaard will build on its operations in Turkey and the surrounding markets, focusing on offering products supported by a local application centre and the companies’ combined technical expertise.
Jakob Thøisen, CEO of Palsgaard, said: “We are delighted to have concluded the purchase of Teknaroma, and to be able to secure the services of all the highly experienced staff in its Istanbul office. Teknaroma has successfully represented Palsgaard in the Turkish market for more than 20 years, and adding the business to the global Palsgaard family will offer significant advantages to all parties.”
Following the acquisition, Palsgaard will expand Teknaroma’s existing application facilities in Turkey. The facilities will cover chocolate as well as other categories, including bakery and dairy.
Cengiz Altop, managing partner of Teknaroma, will also be appointed as managing director of Palsgaard Teknaroma.
Altop concluded: “We will become part of the global Palsgaard operation and gain access to its vast resources. This will make it possible for us to expand our activities in the Turkish market and beyond, allowing us to achieve new levels of success. Teknaroma will also become the application centre for the area, which will enable us to strengthen our partnerships with important customers.”
