Luxembourg — Ferrero Group is strengthening its presence in the hazelnut market with the acquisition of family-owned Oltan Group. Oltan is a leading operator in the procurement, processing and marketing of hazelnuts, with annual sales of more than $500 million, according to the company.
Based in Trabzon, Turkey, Oltan operates five production facilities and exports to the European Union and other major world markets.
According to Ferrero, the acquisition fosters the company's Corporate Social Responsibility engagement on sustainable agricultural practices, already active in Turkey through its dedicated program named Ferrero Farming Values (FFV).
The purchase is subject to final approval by European regulatory authorities.