Benzinga | Jun 11, 2021 01:52PM EDT

Kraft Heinz To Buy Assan Foods For $100 Million

* Kraft Heinz Co (NASDAQ:KHC) has agreed to buy Assan Foods from privately held Turkish conglomerate Kibar Holding.

* The acquisition deal is valued at $100 million.

* The deal is expected to provide Kraft Heinz a footing in the retail and foodservice business across Europe, the Middle East, and Africa.

* Assan produces a wide range of sauces with local manufacturing facilities in Balikesir and Izmir.

* Kraft held $2.36 billion in cash and equivalents at the end of the March quarter.

* Price action: KHC shares are trading higher by 0.79% at $43.29 on last check Friday.