Penguen A.S. (Turkiye)

Established in Bursa in 1989, Penguen's preliminary objective was to produce and export frozen food, canned fruits and vegetables. Subsequently, management realigned the company's marketing policy, thereby broadening its target markets to include the domestic market as well. Penguen sells its products via its marketing company Penguen Gıda Pazarlama A.Ş. It distributes its products through 8 regional directorates and 43 dealers throughout Turkey. Cultivating an area of 40 thousand decares and working with 10,000 farmers, 70% of whom have contracts with the company, Penguen Gıda is one of the largest purchasers of agricultural raw materials in the country. Penguen’s most important export items in canned food are gherkin pickles, roasted Kapya paprika and stewed grapefruit. Penguen currently exports to 35 different countries. Making around 80% of its domestic sales to national and local supermarket chains, Penguen sells the rest to mid-size retailers and mass consumption businesses such as hotels, restaurants and snack bars. Furthermore, Penguen manufactures private label products for supermarket chains on both home and foreign markets and supplies intermediate products and processed raw materials to a number of food manufacturers. Having gone public in 1998, the company forged an alliance with Deutsche Investitions und Entwicklungsgesellschaft mbH (DEG), a company under KFW, one of Germany’s leading finance institutions, in 2001 by selling it 12,74 percent of its shares and further increased the list of its shareholders by selling 13,04 percent of the shares to ADM Capital in 2006, thus strengthening its financial structure.