An Ülker operation worth billions
Turkish food group Ülker, whose Ülker Bisküvi unit is buying shares in Ülker Çikolata in a consolidation process, will raise sales to 2.5 billion lira ($1.4 billion) in 2011, parent company Yıldız Holding's chief financial officer said on Friday.
The consolidation move will make Ülker Turkey's biggest food company in terms of revenues, he said.
Ülker sales stood at 2.3 billion lira in 2010. As a whole, Yıldız Holding sales are seen rising 10-12 percent in 2011 from 10.5 billion lira in 2010, he said.
Yıldız CFO Cem Karakaş also told reporters the company was in talks with Japan's Nissin on a joint production partnership which was expected to be completed within a month.
He said the group's packaging company Polinas would be ready for an initial public offering - planned for 40 percent of the company - when third quarter results are released, but the exact timing was unclear.
Polinas has a revenue of around 450 million lira, according to Karakas.
Ülker Bisküvi reduced the number of units to nine from 22 in 2009 as part of a strategy to simplify its portfolio, Karakas said. The new structure will save the company around 10-12 million lira in fixed costs, he said.
Ülker shares rose 1.5 percent to 5.32 lira on Friday.
Ülker sales stood at 2.3 billion lira in 2010. As a whole, Yıldız Holding sales are seen rising 10-12 percent in 2011 from 10.5 billion lira in 2010, he said.
Yıldız CFO Cem Karakaş also told reporters the company was in talks with Japan's Nissin on a joint production partnership which was expected to be completed within a month.
He said the group's packaging company Polinas would be ready for an initial public offering - planned for 40 percent of the company - when third quarter results are released, but the exact timing was unclear.
Polinas has a revenue of around 450 million lira, according to Karakas.
Ülker Bisküvi reduced the number of units to nine from 22 in 2009 as part of a strategy to simplify its portfolio, Karakas said. The new structure will save the company around 10-12 million lira in fixed costs, he said.
Ülker shares rose 1.5 percent to 5.32 lira on Friday.
Last Update: August 27, 2011 10:54