Podravka Acquires Slovenia’s Žito for €33 Million
- by croatiaweek
- in Business
Croatian food giant Podravka has acquired a majority stake in Slovenia’s biggest food producers, Žito, in a deal worth a reported 33 million euros…
The acquisition is Podravka’s biggest since 1993, and the biggest transaction in the region.
“This is a big step for Podravka. This is the companies biggest acquisition since 1993. We now climb to 4.5 billion kuna (close to 600 million euros) revenues and we are now consolidating our position in the Adria region. We want to increase our exports so that in 3 years time at least 40% of our total revenues is made up from exports outside the Adria region,” said CEO Zvonimir Mršić.
Podravka, which has the famous Vegeta brand in its portfolio, reportedly purchased a 51.55% stake in Žito, which is a market leader in several product categories, such as bakery products, flour and mill products, teas and frozen bakery.