Thursday, November 23, 2006

Croatia's Podravka to Acquire Vitaminka in Macedonia for EUR 30 Million

Croatian food firm Podravka is planning to buy Macedonian food processing company Vitaminka for 30 million euro, according to southeast European press reports.

Ilija Sirovina, a Swiss investor and one of co-owners of Vitaminka, reportedly confirmed this information along with Podravka Management President Darko Marinac.

Vitaminka employs 245 people. The company mainly produces snacks, confectionery, instant beverages, as well as sauces and various other products.

Podravka makes powdered food seasoning Vegeta, ready-made soups and meals, pasta, canned meat and children's food. It mostly operates in central and eastern Europe and the former Yugoslav republics.

Last week, FLEXNEWS reported that Podravka increased its sales by 3% in the first nine months of 2006. The firm registered a net profit of 99.1 million HRK (about 13.5 million euro), which is 16.6% more year-on-year.

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