Greece’s KRI-KRI sells Macedonian unit

The buyers are KRI KRI Kumanovo's former minority stake holders, KRI-KRI told SeeNews in an emailed statement.

"In the recent years, KRI KRI Kumanovo was loss making, with weak growth prospects. Hence, the decision to disengage from KRI KRI Kumanovo relates to the strategy of restructuring the group from its underperforming operations," the Greek company said.

KRI-KRI added that it will continue to operate on the Macedonian market, exporting ice-cream and yoghurt from Greece. It has already reached an agreement with a local distributor KOLID.

The sale of KRI KRI Kumanovo will affect group's turnover by less than 2.0%, it added.

KRI KRI Kumanovo produces dairy products for the local market. It was also the local distributor of KRI-KRI products.

($=0.7695 euro)