Croatian company Podravka is investing 16.2 million euro ($17.2 million) to upgrade and restructure its Slovenian subsidiary, Zito, a food producer, with a focus on improving efficiency in the bakery products segment.
The project was launched in January 2022, and so far 8.2 million euro has been invested. A further 8 million euro will be invested by the end of the year, Podravka said in a press release. The company financed the restructuring with funds raised from the sale of real estate.
The project creates preconditions for further growth in the bakery segment and improves the availability of Podravka’s products on the Slovenian and Croatian markets, the company added.
The overhaul involves modernising the bread factory production line in Vic, automating production lines in Maribor, and expanding frozen food storage capacity in Maribor.
Podravka’s shares traded 1.13% higher at 134 euro intraday on Wednesday on the Zagreb bourse.
($ = 0.941 euro)
Source : SeeNews
