(RTTNews) - Kraft Heinz Co. (KHC) said that it has reached an agreement to purchase Assan Foods from privately held Turkish conglomerate Kibar Holding in a deal that values the enterprise at about $100 million.
Assan Foods manufactures and sells a wide range of products including tomato paste, ketchup, mayonnaise, and pasta and meat sauces that appeal to a variety of international cuisines and 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.
The deal is expected to be completed in the second half of 2021.
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