Podravka set to buy canned meats business from Agrokor unit

Podravka set to buy canned meats business from Agrokor unit

Croatian food and drink group Podravka has struck a deal to buy a canned meats unit from a subsidiary of local manufacturer and retailer Agrokor.

Podravka said "contracts had been concluded" over assets owned by PIK Vrbovec. No financial details were disclosed.

The company said the agreements covered the "transfer of trademarks, recipes and equipment and on acquiring the business of production and sales of canned meat pates and canned meat products".

Podravka underwent a restructuring of its own business last year, which saw it line up assets for sale.

The group's bakery and beverage busineses are to be offloaded, as well as part of its frozen food divison.

In February, Podravka said it planned to axe 340 jobs as part of a redundancy programme. Employees affected work in positions within meat processing unit Danica, as well as the Podravka parent company itself.