Gumlink and Yıldız Holding enter into confectionery and chewing gum Joint Venture

Gumlink A/S and Yıldız Holding A.Ş. have signed an agreement with the purpose of forming a 50/50 owned joint venture under the name of Continental Confectionery Company (CCC Gida Sanayi ve Tic. A.S.) Yıldız Holding, who has operations in 9 countries including its most recent international venture, Godiva, will transfer its non-chocolate confectionery and chewing gum division whereas Gumlink will transfer its commercial and production-related activities within private label and private brand chewing gum operations in Europe, Russia/CIS, Middle East, and North Africa. The transfer of the parties’ manufacturing operations to a new facility in Turkey will take place gradually over the next couple of years in a controlled manner. The formation of the joint venture is awaiting the approval of the Turkish authorities, which is expected to be obtained within approximately 12 weeks from date of signing. Mr. Murat Ülker, Chairman of Yıldız Holding and Mr. Holger Bagger-Sørensen, Chairman of Gumlink A/S jointly stated: “We believe that there is a strong strategic, operational, and cultural fit between our two companies, which will enable us to create interesting synergies for the benefit of both parties and our valued customers.”