Croatian food and pharmaceutical company Podravka has signed an agreement for the sale of the Studenac mineral water brand.
Slovenian soft drinks and water bottler Radenska, part of Czech Kofola Group, will take over Studenac after the fulfillment of all contractual preconditions, due to take place by the end of the year.
Podravka expects that the transaction will not adversely affect its business results in the current year and that in the coming period will positively impact the profitability of the business.
After divesting its drinks business by the end of 2016, Podravka will continue to develop its food and medicine portfolio by directing more resources to the internationalisation of its core brands in line with the company’s strategy.
The company ended the first half of 2016 with a net profit of HRK 97.3 million, (+5.8% y/y), while sales amounted to HRK 1.98 billion (+26.2%).
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. To subscribe to ESM: The European Supermarket Magazine, click here.
