Kraft Heinz has completed the acquisition of Assan Foods from privately held Turkish conglomerate Kibar Holding.
Assan Foods, headquartered in Istanbul, is a sauces-focused business with manufacturing facilities in Balikesir and Izmir, Turkey.
Assan Foods has been a certified Kraft Heinz production partner since 2019 and offers Kraft Heinz the opportunity to expand its business into new markets across Europe, the Middle East, and Africa.
In June of this year, Kraft Heinz announced that it had reached an agreement to purchase Assan Foods from Kibar Holding in a deal that values the enterprise at approximately $100 million
"Assan Foods makes high-quality sauces and tomato products that we believe fit perfectly into our International Zone’s growth strategy focused on Taste Elevation, and expands our presence in a part of the world that holds tremendous long-term opportunity for our company and our brands," said Rafa Oliveira, international zone president at Kraft Heinz.
"We’re excited to officially welcome Assan Foods employees to the Kraft Heinz table," Oliveira added.
Assan Foods was established in Balikesir in 1998 as a Kibar Holding investment in the food sector and evolved into one of the top producers in the region.
Products in the Assan Foods range includes tomato paste, ketchup, mayonnaise, and pasta and meat sauces, that appeal to a variety of international cuisines. Its products are sold under brands such as Colorado, Kingtom, and Oba, as well as private label.
With approximately 400 employees, Assan Foods serves the domestic market and exports to around 50 countries on four continents.
In August, Kraft Heinz beat market estimates for quarterly net sales as demand for snacks and packaged meals remained strong even as Americans started venturing out following the easing of coronavirus restrictions.