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SARAJEVO (Bosnia and Herzegovina), November 5 (SeeNews) - Bosnia's manufacturer of personal and household care products Violeta plans to invest 20 million marka ($11.4 million/10.2 million euro) in recently acquired confectionery producer Lasta based in Capljina, the local government said.
Violeta CEO and owner Petar Corluka confirmed at a meeting with Capljina mayor Smiljan Vidic that he plans to make the investment in order to revamp the company and lauch production according to the European Union standards, the municipal government said in a press release on Monday.
Lasta's facilities and condition do not satisfy the food production needs, so the first move will be the reconstruction of the roof, walls, vents, floors; negotiations for an overhaul by bringing in new machines are already underway," Corluka said.
Lasta is 51%-owned by Croatian alcoholic drinks and confectionery producer Zvecevo, which was in severe financial trouble in 2017 related to the collapse of Croatia's food-to-retail concern Agrokor.
Violeta, launched in 2002, produces sanitary napkins, toilet tissue, paper towels, wet and dry tissues, baby diapers, sanitary towels as well as paper tablecloths and dusters. In addition to manufacturing, the company is focused on importing and distributing food and hygiene products, according to data published on its website.
Capljina is a town of some 28,000 people, located in the southern part of Bosnia's Federation entity, on the Croatian border.
The Federation is one of two autonomous entities forming Bosnia and Herzegovina. The other one is the Serb Republic.
(1 euro = 1.95583 marka)