TODAY’S ZAMAN – ulker seeks to overtake Kellogg’s as world’s 2nd largest snack firm

ulker seeks to overtake Kellogg’s as world’s 2nd largest snack firmTurkish confectioner ulker, owned by food giant YIldIz Holding, said on Tuesday it aspires to overtake Kelloggand#39s as the worldand#39s second largest snack firmYIldIz Holding research and development and global innovation head Ali ulker told reporters in Istanbul on Tuesday that the biscuit and chocolate maker ulker aimed at reaching TL 30 billion in revenues in 2015. In 2014, ulkerand#39s net profit had climbed 12 percent throughout 2013 to TL 212 million, while its turnover rose 52 percent to TL 289 billion in the same period.

ulker noted on Tuesday that the biscuit giant owes its success to a continued emphasis on research and development in addition to the acquisition of some major international firms. The worldand#39s third-largest biscuit and snacks giant, YIldIz Holding has added to its strength through recent acquisitions.

The firm bought the G2M shares from Actera Group, which is the largest Turkish private equity firm, with a total equity capitalization in excess of $1.6 billion.

The conglomerate had made international headlines when it acquired UK-based United Biscuits in November for over $3 billion.In 2007 it acquired Belgian chocolate firm Godiva for $850 million.

Kelloggand#39s net sales decreased by 21 percent to $3.6 billion in the third quarter of 2014, while its operating profit was $365 million, a decrease of 27.

5 percent from 2013.

SOURCE: Today’s Zaman