TOKYO — Nissin Foods Holdings Co. has agreed to pay $23.5 million for a 50% stake in pasta maker Bellini Gida Sanayi A.S. from Yildiz Holdings A.S., Turkey’s largest consumer product maker, according to The Wall Street Journal.
The joint venture is expected to begin in October using Yildiz’s network of 230,000 stores in Turkey. Additionally, under their deal, Nissin and Yildiz will partner to raise funds to build instant noodle-making facilities, the W.S.J. said.
According to the W.S.J., Nissin expects annual demand in Turkey will grow to more than 1 billion instant noodle bowls within 5 to 10 years, compared with 5.5 billion bowls in Japan.