Ferrero Group buys major hazelnut farm in Turkey
The Ferrero Group, one of the market leaders of the confectionery industry, has continued to strengthen its presence in the hazelnut market by acquiring hazelnut producer Oltam Group.
Oltan Group, based in Trabzon in Turkey, is a worldwide leading operator in the procurement, processing and marketing of hazelnuts, with an annual turnover above $500 million. It 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 Ferrero Group said the acquisition would allow it to “guarantee and further improve” the quality of the raw material that it uses in many of its popular products, such as Nutella, Ferrero Rocher and Kinder Bueno.
Ferrero is a global company privately owned by the Ferrero family. It was established in 1944 in Alba in northern Italy when the company’s founder Pietro Ferrero opened a small confectionary shop during the Second World War and used local hazelnuts to create appealing and affordable products. The Company has grown over the years to become the leading confectionery manufacturer in Europe and one of the largest in the world. Today the company’s products include market-leading brands such as Nutella, Tic Tac, Ferrero Rocher, Kinder Surprise and Bueno.
The agreement is subject to the final approval by the competent Regulatory Authorities. The Ferrero Group said this acquisition would “foster Ferrero’s Corporate Social Responsibility engagement on sustainable agricultural practices”, which it said was already active in Turkey through its dedicated program named Ferrero Farming Values (FFV). The
Rogeam is based on specific principles and focused mainly on enhancing farming skills of all farmers and improving their possibility of revenue increase.
The Ferrero Group said 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 would represent a significant opportunity for a sustainable and leading growth of the Turkish hazelnut sector in the future.