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Nov 16, 2017 16:45 EEST
November 16 (SeeNews) - Croatia's Atlantic Grupa [ZSE:ATGR-R-A] said on Thursday it has started producing its famous Argeta pâté in Harrisburg, Pennsylvania.
The company expects sale revenues to reach three million dollars (2.6 million euro) during the first year, Atlantic Grupa said in a filing to the Zagreb bourse.
Argeta will be exclusively produced for the North American market in cooperation with Brother&Sister, a Harrisburg-based company. Atlantic Grupa currently produces the pâté in Slovenia's Izola and Bosnia's Hadzici for the European market.
Atlantic Grupa plans to launch intensive distribution of Argeta to nearly 2,000 retailers in the U.S. and Canada in cooperation with local distribution partners Throughout November and December of 2017.
"We would not be exaggerating if we said that Argeta was the largest pâté brand in the world because, individually observed, Argeta has achieved the highest sales among many pâté brands", said Enzo Smrekar, the general manager of savoury spreads strategic business unit at Atlantic Grupa.
"Argeta holds more than 37% of the market in Austria, nearly 30% in Switzerland and we are advancing to a stable 10% market share in Germany and Sweden. We are now opening the door to the American market with a great potential we are going to utilise," he added.
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.
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