Kraft Heinz To Buy Assan Foods For $100 Million

Kraft Heinz Co KHC has agreed to buy Assan Foods from privately held Turkish conglomerate Kibar Holding.
The acquisition deal is valued at $100 million.
The deal is expected to provide Kraft Heinz a footing in the retail and foodservice business across Europe, the Middle East, and Africa.
Assan produces a wide range of sauces with local manufacturing facilities in Balikesir and Izmir.
Kraft held $2.36 billion in cash and equivalents at the end of the March quarter.
Price action: KHC shares are trading higher by 0.79% at $43.29 on last check Friday.

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