McCormick and Yıldız Holding Sign A Partnership Agreement To Join Forces In The Retail Spice Market
US spice giant McCormick & Co. and Yıldız Holding, the owner of Godiva and Turkish food group Ülker announced an equal partnership agreement to create a branded herbs and spices category in Turkey.
Under the partnership between McCormick and Yıldız Holding a new company will be established in Turkey and will operate in the retail spice sector. The company’s vision is to produce, market, sell and export spices with a view to becoming the sector leader.
The agreement is awaiting approval by the Turkish Competitions Board.
“This strategic partnership with Yıldız Holding is a tremendous opportunity for McCormick to pursue its growth strategy in Europe and participate in the rapidly growing Turkish retail market, a promising market for the herbs and spices category.” comments Malcolm Swift, President of McCormick EMEA. “I am convinced that combining McCormick’s global expertise in herbs and spices sourcing, manufacturing, product innovation and brand marketing and Yıldız Holding’s unique knowledge and distribution experience in Turkey, will enable us to build a leading position for the new company in the Turkish herbs and spices market.”
“We are pleased to announce this joint venture and delighted to join forces with McCormick in Turkey. McCormick is the ideal partner for our growth strategy mainly in food categories which bear potential by making new investments and building strong partnerships with well-reputed global food companies. We believe that our partnership will generate significant growth opportunities for the benefit of the new business, our customers and Turkish consumers", says Dr. Zeki Ziya Sözen, President Business Development and R&D of Yıldız Holding. “We are extremely confident about achieving the venture’s growth potential because both partners are at the forefront of emerging global trends and standards”, adds Dr. Zeki Ziya Sözen.
McCormick & Company Incorporated is a global leader in the manufacture, marketing and distribution of spices, seasonings, specialty foods and flavors to the entire food industry - to foodservice and food processing businesses as well as to retail outlets. Since 1996 McCormick has had a 50% interest in Turkey-based McCormick Kutas Food Service Limited producing condiments for the industrial and food service markets. The new joint venture confirms McCormick’s commitment to the Turkish market.
About Yıldız Holding
Turkey’s fastest growing group in the field of fast consumer goods, Yıldız Holding, began its journey in 1944 with the manufacture of Ülker biscuits. Today, Yıldız Holding has 65 subsidiary production and marketing companies that manufacture and distribute biscuits, chocolate, carbonated beverages, milk and dairy products, baby food, personal care products and packaging materials. Yıldız Holding is the largest purchaser of raw materials in Turkey; the holding’s activities contribute directly to the livelihoods of 100,000 employees and indirectly support 500,000 workers. With a total of 53 factories inside and outside of the country, Yıldız Holding companies are the leading producers, not only in Turkey, but in the region.
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