Türkiye's largest flour producer, Ulusoy Un, on Friday announced it had acquired an 85% stake in the Italian pasta company Pastificio Mediterranea from Spain's Cerealto group.
Pastificio is a century-old pasta producer in Italy’s Silvano d'Orba region and the share purchase is part of Ulusoy's strategy to expand into high value-added sectors, the company said in a statement.
The deal is said to total nearly 5.3 million euros (about $5.76 million), the statement to the Public Disclosure Platform (KAP) read.
The founding Moccagatta family will remain involved in the company, contributing their expertise and legacy, it noted.
Founded in 1908, Pastificio Mediterranea began producing pasta using traditional methods, moving to the region's first automated pressing systems in 1936. In the 1950s and 60s, the company’s products entered international markets with the iconic Moccagatta branding.
In 2003, to meet rising demand, the company shifted operations to a modern plant in Silvano d'Orba, where it continues production.
"We will contribute to Pastificio's growth and further expand its geographical coverage through the group's raw material supply capabilities and its extensive network of customers in different geographies," said Eren Günhan Ulusoy, the chairperson of Ulusoy Un.
Marco Ferraroni, the general manager of Pastificio Mediterranea, added: "We are excited to continue our journey with an important group that shares our company's values and goals.
"We are confident that together we will take our company to the next level."
Earlier, Ulusoy's subsidiary Soke, a Turkish flour producer, acquired a 12.65% stake in the U.S.-based bread maker Rudi’s.
