Teknaroma’s previous owners will retain 10% of the company’s shares.
The deal reinforces the long-standing relationship between the two parties, with Teknaroma having had exclusive distribution rights to Palsgaard products on the Turkish market since 1997.
Palsgaard said it plans to build on the operations in the region, including Teknaroma’s existing application facilities in Turkey, which cover bakery, dairy and chocolate.
“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,” said Jakob Thøisen, CEO of Palsgaard.
“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.”
New levels of success
Teknaroma will continue its current agency and distributor activities, with Teknaroma managing partner Cengiz Altop taking on the reigns of MD, Palsgaard Teknaroma.
“We will become part of the global Palsgaard operation and gain access to its vast resources,” said Altop.
“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.”
Palsgaard – which celebrated its centenary year last year – recently became the first emulsifier ingredients company to achieve carbon-neutral production. It also claims to currently be the world’s only commercial source of fully sustainable, emulsifiers based on RSPO SG-certified palm oil and produced by CO2-neutral factories in Denmark, the Netherlands, Mexico, Brazil, China and Malaysia.
The company’s products are non-GMO and meet halal and kosher requirements.
Palsgaard is owned by the Schou Foundation and has over 500 employees across 17 countries. In 2019, it’s turnover reached 1.4 billion DKK ($208m) from products sold to more than 120 countries.