Turkish food manufacturer Yildiz Holding has agreed to divest its yeast-making unit Dosu Maya to Le Saffre, a French supplier of yeast extracts and bakery yeast, in a $220m deal.
Yildiz chairman Murat Ulker was quoted by Reuters as saying that the company's revenues increased up to 18% last year, exceeding the expected 13-14% rise.
The group is seeking to focus on developing its consumer brands. It recorded revenues of TRY12.4bn ($5.48bn) in 2012.
Yildiz Holding, which owns biscuit company Ulker and chocolate maker Godiva, also has presence in finance, packaging, real estate, retail, information technology and personal care segments.
The company is also in talks with a foreign investor to divest its 11% holding in Islamic bank Turkiye Finans.
