June 28 (SeeNews) - Croatian distributor of fast-moving consumer goods Atlantic Grupa [ZSE:ATGR] said on Tuesday it has signed a deal with Serbian company Vik Pro Univerzal to sell its Palanacki Kiseljak production site in Smederevska Palanka, central Serbia.
“The subject of the sale and purchase is the entire production site with all its assets, including Karadjordje, a traditional mineral water brand on the Serbian market. The new owner is also set to take over the Palanacki Kiseljak employees," Atlantic said in a filing to the Zagreb bourse.
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It did not disclose the value of the deal.
Atlantic Grupa primarily produces and bottles products for the Cockta brand on the site and will continue with these activities in a service form.
The Belgrade-based strategic buyer Vik Pro Univerzal has experience primarily in the field of trade in water and soft drinks. However, it has the ambition to develop Palanacki Kiseljak and its employees in the long-term, according to the statement.
The sale of this production site is part of a process of disinvestment of small and non-core businesses, in line with Atlantic’s corporate strategy.
Atlantic Grupa's shares traded flat at 1,590 kuna ($223/211 euro) intraday on Tuesday on the Zagreb bourse.
(1 euro=7.531 Croatian kuna)