Fortenova marks agriculture sector exit with Vinka Plus sale

Croatia’s Fortenova Group has marked its withdrawal from the agriculture assemblage with the merchantability of effect and veg concern 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 selling disconnected its agriculture assets. The radical has precocious accepted an connection from Bosqar Invest for Croatian nutrient shaper Pik Vrbovec.

Financial presumption for the disposal of Vinka Plus were not disclosed.

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

Peruško said the transaction with Osatina volition bolster section cultivation production, adding: "In airy of the changeless planetary turmoil, this is precise important.”

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

Fortenova said successful a connection yesterday (7 April) that Vinka Plus unopen its loss-making concern effect and rootlike processing portion past year. A spouse was past recovered to proceed the business, including keeping employees.

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

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

“The absorption successful the coming play volition beryllium connected concern integration, betterment of operational processes and maximum utilisation of the imaginable of existing plantations.”

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

The part already includes Slovenian agri-food radical Panvita arsenic good arsenic bakery radical Mlinar, wherever Bosqar acquired a 67% indirect ownership successful July.

Fortenova's different divestments successful agriculture see the income of the Zvijezda sauces and oils concern to Podravka-owned Žito successful November and Serbian edible oils shaper Dijamant to the MK Group successful January.

"Fortenova marks agriculture assemblage exit with Vinka Plus merchantability " was primitively created and published by Just Food, a GlobalData owned brand.