Croatia’s Fortenova Group has marked its withdrawal from the agriculture sector with the sale of fruit and veg enterprise Vinka Plus to Osatina Group.
Beforehand buying and selling as Agrokor earlier than present process a restructuring train and embarking on a brand new technique in 2019, Fortenova has been promoting off its agriculture property. The group has just lately accepted a suggestion from Bosqar Make investments for Croatian meat producer Pik Vrbovec.
Monetary phrases for the disposal of Vinka Plus weren’t disclosed.
Commenting on the completion of its exit from the sector, CEO Fabris Peruško mentioned: “With this, the Fortenova Group efficiently concludes the method of disinvesting its agribusiness as a result of Vinka is the final firm within the group instantly associated to agricultural manufacturing.”
Peruško mentioned the transaction with Osatina will bolster native agricultural manufacturing, including: “In gentle of the fixed international turmoil, this is essential.”
Vinka Plus, based mostly in Vinkovci in japanese Croatia, holds concessions for round 800ha of state-owned farmland. The corporate operates the Borinci orchard, described as one of many largest within the nation.
Fortenova mentioned in an announcement yesterday (7 April) that Vinka Plus shut its loss-making industrial fruit and vegetable processing unit final 12 months. A associate was then discovered to proceed the enterprise, together with holding workers.
Osatina Group produces fruit, greens, milk, meat and animal feed. The corporate employs about 1,500 individuals and operates throughout 4 counties in japanese Croatia.
Director Mirko Ervačić mentioned within the assertion: “This transaction represents a logical step ahead within the additional optimisation and enlargement of our manufacturing capacities. By taking up Vinka, we’re moreover connecting present assets and strengthening effectivity inside our manufacturing chain, particularly within the fruit-growing section.
“The main focus within the coming interval will probably be on enterprise integration, enchancment of operational processes and most utilisation of the potential of present plantations.”
In the meantime, Bosqar is taking up Pik Vrbovec, Croatia’s largest meat and processed-meat producer, via its Future Meals division.
The division already consists of Slovenian agri-food group Panvita in addition to bakery group Mlinar, the place Bosqar acquired a 67% oblique possession in July.
Fortenova’s different divestments in agriculture embrace the gross sales of the Zvijezda sauces and oils enterprise to Podravka-owned Žito in November and Serbian edible oils producer Dijamant to the MK Group in January.
“Fortenova marks agriculture sector exit with Vinka Plus sale ” was initially created and printed by Simply Meals, a GlobalData owned model.