March 23 (SeeNews) - Croatia's consumer goods distributor Atlantic Grupa [ZSE:ATGR] said it will invest 50 million euro ($59.5 million) in the construction of a new factory for products under its brand of spreads Argeta near Varazdin, in the northern part of the country.
Atlantic Grupa purchased a 41,000 sq m plot of land in the Kneginec business zone for the production facility that will open 150 new jobs once all investment phases are completed, it said in a bourse filing on Monday.
The new production facility is expected to start operations within 15 months after obtaining a building permit.
Atlantic Grupa currently produces Argeta spreads in Slovenia's Izola and Bosnia's Hadzici for the European market. The company has also set up production unit in Harrisburg, US for the US and Canadian markets.
Atlantic Grupa's savoury spreads unit accounts for 15.9% of the company's total sales revenues, the company said.
Atlantic Grupa's shares traded 0.68% lower at 1,450 kuna ($227.7/191.4 euro) on the Zagreb bourse by 1010 CET on Tuesday.
($ = 0.8404 euro)