Palsgaard has announced the takeover of Turkish food ingredients distributor Teknaroma. The Danish emulsifier ingredients supplier acquired 90% of the company’s shares on 5 February 2020, with Teknaroma’s previous owners retaining 10%.
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 since 1997.
Palsgaard 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.
As a result of the takeover, Teknaroma Managing Partner Cengiz Altop becomes Managing Director of Palsgaard Teknaroma.
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.”
Palsgaard, which is known as the inventor of the modern plant-based food emulsifier, now has plans to expand Teknaroma’s existing application facilities in Turkey. The facilities will cover chocolate as well as other categories, including bakery and dairy.
Teknaroma will continue its current agency and distributor activities for the foreseeable future.
Palsgaard Teknaroma Managing Director Cengiz Altop said: “The takeover agreement is fantastic news for Teknaroma. We will become part of the global 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.”
The purchase of Teknaroma means the company has seen its global headcount rise to 572 across 17 countries. It also now has subsidiary sales offices in 14 countries.
Palsgaard, which celebrated its centenary year in 2019, recently became the first emulsifier ingredients company to achieve carbon-neutral production and was named Sustainability Champion at last year’s Food Ingredients Europe Innovation Awards.