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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