Italian Ferrero reaches $146M investment in Türkiye over a decade

Ferrero Hazelnut, a subsidiary of Italian chocolate giant Ferrero, has invested €140 million ($146 million) in Türkiye since entering the market in 2014, the company stated.

Speaking at a press conference on Tuesday to present the findings from an impact analysis to assess the economic impact of its investments, Associate Professor Orhan Erem Atesagaoglu from Sabanci University’s Faculty of Management Sciences stated that Ferrero Hazelnut contributed €1.4 billion to the Turkish economy in 2023 through direct, indirect and induced effects.

Professor Gokhan Ozertan from Bogazici University’s Department of Economics noted that Ferrero Hazelnut generated approximately €360 million in total added value through direct, indirect, and induced effects.

According to the researchers, the company has created more than 20,000 jobs in Türkiye.

Additionally, beyond its direct tax contributions, Ferrero Hazelnut generated approximately €70 million in additional tax revenue for the public budget through its indirect and induced activities.

Ferrero Hazelnut General Manager Bamsi Akin discussed both the impact analysis results and the company’s Ferrero Farming Values (FFV) program. He stated that since 2012, Ferrero has invested over €27 million in the initiative, reaching more than 50,000 hazelnut farmers.

“Our primary goal is to ensure a high-quality hazelnut supply for Ferrero Group,” Akin said, adding that this objective aligns with the historical growth of the firm’s global brands.

Founded in 1946, Ferrero is the manufacturer of widely known brands such as Nutella, Kinder, and Ferrero Rocher, with around 40,000 employees globally. In 2014, Ferrero entered the Turkish market by acquiring Oltan Gida to supply hazelnuts for its products.