Unipro had revenues of SEK 700m (€81m) in 2012, and AAK says the company is the leading supplier of fats and oils to the food and bakery industry in Turkey.
The deal, which is subject to approval from competition authorities, includes nine established brands aside from Unipro, the Unipro company name for bakery and industrial fats, and the existing management and sales organisation.
It does not include the Unipro factory, however, and AAK has entered a five-year toll manufacturing agreement with Unilever to supply 50,000 tonnes of Unipro products a year, while the plant will continue to produce other ingredients for Unilever customers.
“AAK will strengthen its presence in the 16th largest economy in the world which also has a strong real GDP growth,” said AAK senior vice president Torben Friis Lange in a statement. “This is AAK’s next step in its strategy of increasing focus on growth markets.”
AAK Group president and CEO Arne Frank said: “This acquisition is an integral part of AAK Acceleration, and adds presence in areas which are identified as strategically important. This acquisition will serve as a platform for increased AAK sales of semi-speciality and speciality products in Turkey and the Middle East.”
AAK said the impact on its 2013 operating profit would be limited.