March 6 (SeeNews) - Croatian food and pharmaceuticals company Podravka [ZSE:PODR] said it has teamed up with local distributor of fast-moving consumer goods Atlantic Grupa [ZSE:ATGR] to boost exports of their brands to the US and Austria.
“The two companies implemented a unique system of mutual export support, meaning that Atlantic’s distribution company in Austria will provide support for the placement of Podravka’s products on the Austrian market, while Podravka will place Atlantic’s products on the US market through its US based company,” Podravka said in a press release.
This cooperation is aimed at maximizing mutual synergies by strengthening the product placement of both companies and improving their brand awareness, using their well-developed business network and market positions that Atlantic and Podravka have in these markets, it added.
Podravka’s most famous brand is seasoning Vegeta, while Atlantic ‘s top brand is pate Argeta.
“Vegeta and Argeta, as our most prominent export brands, along with the rest of our portfolio, make for logical allies in international markets. We are proud of this agreement, which is based on a very clear logic of taking advantage of joint opportunities,” Emil Tedeschi, CEO of Atlantic Grupa, said.
Podravka’s shares traded 0.21% higher at 94.20 euro ($100.2) on the Zagreb bourse intraday on Monday, while shares of Atlantic Grupa were up 0.82% at 49.40 euro.
($ = 0.940 euro)