The chocolate company said the acquisition would allow it to guarantee and improve the quality of the raw material.
Hazelnuts are one of the Ferrero’s key commodities, which it uses for its signature Ferrero Rocher brand, Nutella and Kinder Bueno.
The Oltan Group, based in Trabzon, Turkey was previously under family-ownership. It has five production facilities exporting to the EU and global markets and has an annual turnover of $500m. Ferrero has acquired 100% of the firm.
Last year, Ferrero opened a $119m plant in Turkey, the world’s premier hazelnut exporter. In 2009, Ferrero was cleared of alleged hazelnut fraud in a case that spanned seven years.
The Oltan deal is subject to regulatory approval.