Palsgaard acquired 90% of the company’s shares on February 5, 2020, with Teknaroma’s previous owners retaining 10%.
Teknaroma has had exclusive distribution rights to Palsgaard products on the Turkish market since 1997.
Palsgaard said it will look to build on its operations in Turkey and the surrounding markets, focusing on offering products supported by a local application center.
As a result of the takeover, Teknaroma managing partner Cengiz Altop becomes managing director of Palsgaard Teknaroma.
Jakob Thøisen, CEO of Palsgaard, said, “We are delighted to have concluded the purchase of Teknaroma and to be able to secure the services of all the highly experienced staff in its Istanbul office. Teknaroma has successfully represented Palsgaard in the Turkish market for more than 20 years and adding the business to the global Palsgaard family will offer significant advantages to all parties.”
Palsgaard plans to expand Teknaroma’s existing application facilities in Turkey. The facilities will cover dairy, chocolate and bakery.
Teknaroma will continue its current agency and distributor activities for the foreseeable future.
Altop said, “The takeover agreement is fantastic news for Teknaroma. We will become part of the global Palsgaard operation and gain access to its vast resources. This will make it possible for us to expand our activities in the Turkish market and beyond, allowing us to achieve new levels of success. Teknaroma will also become the application centre for the area, which will enable us to strengthen our partnerships with important customers.”
Palsgaard, which now has employees in 17 countries, recently became the first emulsifier ingredients company to achieve carbon-neutral production.