Podravka sells Lipicki Studenac to Radenska

The Croatian food company Podravka has signed a deal with Slovenia's Radenska beverages producer on the sale of its Lipicki Studenac soft drinks factory, with Kofola CeskoSlovensko acting as the guarantor, Podravka said in a statement on Tuesday without stating the value of the deal.

Radenska will acquire a 100% interest in Lipicki Studenac by the end of the year, upon fulfillment of contract terms.

The transaction is not expected to have a negative effect on Podravka Group's business results this year and it will have a positive impact on its profitability in the coming period, according to the statement.

The Koprivnica-based company says that after selling its beverages business, it will continue developing its food and drugs portfolio with emphasis on foreign sales.

By selling Lipicki Studenac to Radenska, a reputable regional producer of non-alcoholic beverages and water and member of Kofola Group, Podravka has shown that it cares about the continuation of production at Lipicki Studenac and about its workers' job security, the company says, adding that workers' acquired rights will not be changed for a period of 18 months.

Last update: Tue, 20/09/2016 - 13:20
Author: 

More from Business

US unemployment rate dips to 9-year low

The US unemployment rate fell in November to 4.6 per cent, a nine-year low, the Bureau of Labour Statistics said...

Chinese firm building full-size Titanic replica for tourists

Construction has begun on the world's first full-size replica of the Titanic in China, a country that fell in love...

Erdogan calls on Turks to sell dollars and buy lira and gold

President Recep Tayyip Erdogan urged Turkish citizens on Friday to sell their dollars and buy gold and lira, as the...

EU agrees to let Germany introduce road toll, staving off legal feud

The European Commission has approved Germany's plan to introduce a road toll on its motorways, top transport...

Danish container shipping giant Maersk Line to buy German rival

Global shipping giant A/S Maersk Line of Denmark on Thursday announced plans to grow its business by buying German...