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Dec 14, 2017 14:42 EEST
December 14 (SeeNews) - Croatia's Atlantic Grupa [ZSE:ATGR] said on Thursday it has signed an agreement with Red Bull for the distribution of the energy drink on the Serbian market as part of the expansion of its product portfolio.
The deal, under which Atlantic's Belgrade-based distribution company Atlantic Brands will hold the Red Bull distribution rights in Serbia, is expected to fetch sales of 4.5 million euro ($5.3 million) in 2018, it said in a filing with the Zagreb bourse.
Red Bull GmbH, headquartered in Austria, has recognised Atlantic as a strategic partner with which it can realise its ambitious business goals, the Croatian company noted.
"We are exceptionally pleased with the widening of the portfolio through the addition of a world-renowned brand such as Red Bull, and generally speaking, with the development and the expansion of the distribution activity, which is a part of the long-term business strategy of Atlantic Grupa," Srecko Nakic, vice president of Atlantic Grupa for distribution, is quoted saying.
Atlantic Brands is the leading distributor of fast moving consumer goods on the Serbian territory, with a wide portfolio of prominent brands.
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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