Fortenova marks Agriculture Sector Exit With Vinka Plus Sale

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Vinka Plus, based in Vinkovci in eastbound Croatia, holds concessions for astir 800ha of state-owned farmland.

Croatia’s Fortenova Group has marked its withdrawal from nan agriculture assemblage pinch nan waste of consequence and veg business Vinka Plus to Osatina Group.

Previously trading arsenic Agrokor earlier undergoing a restructuring workout and embarking connected a caller strategy successful 2019, Fortenova has been trading disconnected its agriculture assets. The group has recently accepted an offer from Bosqar Invest for Croatian nutrient shaper Pik Vrbovec.

Financial position for nan disposal of Vinka Plus were not disclosed.

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Commenting connected nan completion of its exit from nan sector, CEO Fabris Peruško said: “With this, the Fortenova Group successfully concludes nan process of disinvesting its agribusiness because Vinka is nan past institution successful nan group straight related to cultivation production.”

Peruško said nan transaction pinch Osatina will bolster section cultivation production, adding: “In ray of the changeless world turmoil, this is very important.”

Vinka Plus, based in Vinkovci in eastbound Croatia, holds concessions for astir 800ha of state-owned farmland. The institution operates the Borinci orchard, described arsenic 1 of nan largest successful nan country.

Fortenova said successful a connection yesterday (7 April) that Vinka Plus unopen its loss-making business consequence and rootlike processing portion past year. A partner was past found to continue the business, including keeping employees.

Osatina Group produces fruit, vegetables, milk, nutrient and animal feed. The institution employs astir 1,500 group and operates crossed 4 counties successful eastbound Croatia.

Director Mirko Ervačić said successful nan statement: “This transaction represents a logical measurement guardant successful nan further optimisation and description of our accumulation capacities. By taking complete Vinka, we are additionally connecting existing resources and strengthening ratio wrong our accumulation chain, particularly successful nan fruit-growing segment.

“The attraction successful nan coming play will beryllium connected business integration, betterment of operational processes and maximum utilisation of nan imaginable of existing plantations.”

Meanwhile, Bosqar is taking complete Pik Vrbovec, Croatia’s largest nutrient and processed-meat producer, done its Future Food division.

The section already includes Slovenian agri-food group Panvita as good arsenic bakery group Mlinar, where Bosqar acquired a 67% indirect ownership in July.

Fortenova’s different divestments successful agriculture see nan income of the Zvijezda sauces and oils business to Podravka-owned Žito in November and Serbian edible oils producer Dijamant to nan MK Group successful January.