Food and Beverage Company Agthia Group said it has successfully completed the acquisition of Turkish spring Water Company Pelit Su, as the Abu Dhabi-based company seeks to expand its footprint beyond the U.A.E.
The acquisition includes 23,000 square meters of land with space for potential future capacity expansion, the company said in a statement posted on the Abu Dhabi bourse website Thursday.
Ilias Assimakopoulos -Chief Executive Officer- said the acquisition will facilitate “Agthia’s growth into higher margin premium spring water, targeting not only Turkey and the U.A.E. but the wider GCC and beyond.”
Agthia effectively took managerial control of Pelit Su on Jan. 1 although the transaction was completed Wednesday, as Dow Jones Newswires stated.
Agthia produces and distributes yoplait products across the GCC and last year entered into a license agreement with U.S.-based Chiquita Brands International (CQB)to exclusively make and distribute natural fruit juice products under Chiquita’s brand across most of the Middle East.