Palsgaard announces takeover of Teknaroma
Danish emulsifier ingredients supplier Palsgaard has announced its takeover of Turkish food ingredients distributor Teknaroma.
On 5 February 2020, Palgaard acquired 90% of the company’s shares, with Teknaroma’s previous owners retaining 10%. The deal reinforces a long-standing relationship between the two companies. Teknaroma has had exclusive distribution rights to Palsgaard products on the Turkish market since 1997.
Jakob Thøisen, CEO of Palsgaard (far left in featured photo), 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 is now looking to expand Teknaroma’s existing application facilities in Turkey. The facilities will cover chocolate as well as other categories, including bakery and dairy.
As a result of the takeover, Teknaroma managing partner Cengiz Altop (to Thøisen’s right in the photo) has become managing director of Palsgaard Teknaroma.
Cengiz Altop commented: “The takeover agreement is fantastic news for Teknaroma. We will become part of the global Palsgaard 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.”
Teknaroma will continue its current agency and distributor activities for the foreseeable future.
Through its purchase of Teknaroma, Palsgaard’s headcount has risen to 572 across 17 countries. It also now has subsidiary sales offices in 14 countries.
Palsgaard celebrated its centenary in 2019 and became the first emulsifier ingredients company to achieve carbon-neutral production, being named Sustainability Champion at the Food Ingredients Europe Innovation Awards.