IR News

IR News

Press Release
March 5, 2024

Hoshizaki Makes Turkish Food Service Equipment Manufacturer a Subsidiary

Strengthening Product Supply and Position in Global Markets

HOSHIZAKI CORPORATION (Head office: Toyoake City, Aichi; President & COO: Yasuhiro Kobayashi; hereafter “Hoshizaki”) acquired 51% of the shares of Öztiryakiler Madeni Eşya Sanayi ve Ticaret Anonim Şirketi (Head office: Istanbul, Türkiye, hereafter “Öztiryakiler”), a Turkish food service equipment manufacturer, and made it a subsidiary on March 4, 2024 (local time in Türkiye).

Since investing in Öztiryakiler in November 2019, Hoshizaki has supported the strengthening of its product development capabilities and the improvement of its productivity and quality. Öztiryakiler has sales channels not only in Türkiye but also in other European countries, the Middle East, Africa, and Asia. By flexibly responding to the product specifications required in each market, it has steadily expanded export sales. Hoshizaki and Öztiryakiler are creating synergies by strengthening the lineup of commercial refrigerators for the Hoshizaki brand in Europe and developing dishwashers for Asia using Hoshizaki’s sales channels.

By Öztiryakiler becoming a part of Hoshizaki Group, Hoshizaki will strengthen Öztiryakiler's role as a key base in the Hoshizaki Group's global product supply strategy. Hoshizaki will promote the expansion of sales of the Group’s products in the Turkish and global markets through further management participation from Hoshizaki and enhancement of Öztiryakiler's development and production capabilities.

Hoshizaki will continue to strengthen synergies within the Group on a global scale and provide high-quality products that meet the needs of customers around the world.

■About Öztiryakiler

A Turkish manufacturer of food service equipment established in 1958. Its main products are heat equipment such as steam convection ovens, as well as commercial refrigerators and dishwashers. Öztiryakiler has a total of four manufacturing sites, including the Corlu factory, which was newly opened in 2022. The company employs 1,586 people (as of the end of December 2023).