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.