TURKEY – Palsgaard, a Danish emulsifier ingredients supplier, has acquired Teknaroma, a Turkish food ingredients distributor enabling the company to augment its European operations and shore up sales.
The companies did not disclose the financial details of the transaction. However, Palsgaard revealed that it will acquire 90% of the Teknaroma shares, with Teknaroma’s previous owners retaining 10%.
As a result of the takeover, Teknaroma Managing Partner Cengiz Altop will become Managing Director of Palsgaard Teknaroma.
The deal reinforces a long-standing relationship between the two parties, with Teknaroma having had exclusive distribution rights to Palsgaard products on the Turkish market for over two decades.
Palsgaard said that its will now look to build on its operations in Turkey and the surrounding markets, focusing on offering high-quality 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.”
The companies also agreed that Teknaroma will continue its current agency and distributor activities for the foreseeable future.
Palsgaard Teknaroma’s Managing Director Cengiz Altop said: “The takeover agreement is fantastic news for Teknaroma.
“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.”
Following the acquisition, Palsgaard unveiled plans of expanding Teknaroma’s existing application facilities in Turkey. According to the company, the facilities will cover chocolate as well as other categories, including bakery and dairy.
With Teknaroma becoming part of Palsgaard’s family, the company has increased its global headcount to 572 across 17 countries. It also now has subsidiary sales offices in 14 countries.