Turkish seafood, frozen and canned food producer Dardanel has completed nearly all necessary regulatory and financial processes to acquire Greek seafood giant G. Kallimanis SA, the former informed Turkey’s Public Disclosure Platform (KAP) Monday.
The company, based in northwestern Çanakkale province, has reached the final stage in the takeover process, meticulously carried out in Greece, the statement read.
The acquisition will further increase Dardanel’s export coverage as a global brand.
The company statement noted that “the commercial and industrial assets – real estate, factory buildings, land, production machinery, trademarks, licenses and titles – of G. Kallimanis SA, which is the market leader in the production and sale of frozen seafood, will be purchased in accordance with a decision set to be taken from the Greek liquidation courts.”
The initial step will be the signing of the receivables transfer agreement, which provides the transfer of the company’s debts of approximately 62.3 million euros (TL 646 million) to the relevant financial institutions, together with their guarantees, by payment of a total of 6 million euros.
Following this, they will apply to the Greek courts to transfer the commercial and industrial assets of G. Kallimanis and transactions will be carried out on behalf of the Turkish company through their presence in Greece, Dardanel Greece SA.
Dardanel CEO Niyazi Önen, whose views were included in the company statement, said Kallimanis has extensive experience of nearly half a century in the production and sale of frozen seafood.
“It is our goal to incorporate this company, which has a rich product portfolio and wide export network potential, as well as its production power and technology,” he said.
Noting that Kallimanis’ facilities will start production at full capacity after the completion of the purchase and that a significant contribution will be made to the employment of the region, Önen said: “Dardanel’s knowledge, experience in production and marketing is now being combined with the neighboring brand Kallimanis. This is the right step for both companies, our industry and the two countries.”