December 23 (SeeNews) - Croatia's Atlantic Grupa [ZSE:ATGR-R-A] said on Monday it has sold its business of water container distribution, which is the main activity of Bionatura Bidon Vode, as part of the company's divestment of non-core operations.
Atlantic Grupa sold Bionatura to Croatian drinking water producer and distributor Aquaviva, which strategically complements its existing business activities, Atlantic said in a filing to the Zagreb Stock Exchange (ZSE).
The divestment of non-core businesses started two years ago with the sale of sports and functional food brands and continued with the sale of the segment of cosmetics and personal care products as well as the segment of dietary supplements.
"This process includes targeted internationalisation of brands with strong international potential as well as the development of distribution as an important lever for business growth, mergers and acquisitions", the statement said.
Atlantic's focus is on food and drinks, as well as on the pharmaceutical business segment.
Atlantic Grupa is a regional distributor of fast-moving consumer goods and a producer of functional foods and supplements. It also owns a pharmacy chain in Croatia. In October, it agreed to sell its food supplements unit Fidifarm, owner of the Dietpharm brand, to local generic drug manufacturer PharmaS.
The group's shares traded flat at 1,300 kuna by 1530 CET on the ZSE on Monday.
(1 euro = 7.44474 kuna)