SKOPJE (Macedonia), April 5 (SeeNews) – Turkish dairy company Sutas has acquired Macedonian bankrupt peer Swedmilk and plans to restart its operations within six months, the Economic Chamber of Macedonia said.
The deal was signed with Swedmilk’s biggest creditor, Skopje-based NLB Tutunska Banka, the chamber said on its website on Tuesday.
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Sutas also plans to build new facilities at Swedmilk to diversify cheese production.
The value of the acquisition was not disclosed. However, local business daily Kapital reported last month that Sutas was offering 4.7 million euro ($6.3 million) for Swedmilk.
A Skopje court initiated a bankruptcy procedure against Swedmilk in June 2009 over an outstanding debt of 32 million euro ($42.7 million).
($=0.7508 euro)