Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Agthia Group acquires water company in Turkey  Join our daily free Newsletter

MENAFN - Emirates News Agency (WAM) - 26/12/2011

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Emirates News Agency (WAM)) Agthia Group PJSC, one of the leading Food and Beverage companies in the UAE, today signed a Share Purchase Agreement for acquisition of 100% shares of Pelit Su, the Turkey based Spring Water Company.

The Company is situated in Adana, South of Turkey, and the source of spring water originates from the renowned Toros Mountains.

The transaction is expected to close during the first half of 2012. The 23,000 sqm land includes an existing manufacturing plant housing three bottling lines with additional space for potential future capacity expansions.

Rashed Mubarak Al Hajeri, Chairman of Agthia Group, said, "Agthia's acquisition of Pelit Su is in line with our geographic expansion strategy. We embrace new opportunities in the food and beverage industry to deliver superior quality products that help people thrive and lead a more vibrant life. We are delighted and look forward to enter a new market such as Turkey, whilst enhancing our reach in the region." Commenting on the acquisition, Agthia Group CEO Mr. Ilias Assimakopoulos, said, "We are proud to expand Agthia's bottled water business footprint beyond the UAE, with direct access to a natural spring water source. The acquisition of Pelit Su, Turkey, will mark our second international expansion, reinforcing our mission to deliver superior value to our stakeholders. This venture will provide access to high quality spring water facilitating Agthia's growth into higher margin premium spring bottled water, targeting not only Turkey and the UAE but the wider GCC and beyond." Pelit Su, established in 2009, is a family-owned company with presence in Adana, South of Turkey. Pelit Su is situated on the slopes of the Toros Mountains, with motorway access to the port of Mersin in South West Turkey, providing good transportation links for logistics.

Murat Pelit, Chairman of Pelit Su, said, "We are proud of our achievements since 2009. The company has demonstrated a healthy performance and has successfully provided quality pure spring water to the region. We are confident Agthia's manufacturing and distribution capabilities along with its fine management of home-grown and global portfolio of brands will help the Pelit Su brand grow and prosper further, while contributing to the region's advancement. We would like to extend our best wishes to Agthia on this new venture."

 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help