te International, a subsidiary of Elite Industries, one of Israel’s leading food manufacturers, announced this week it has bought 40% of Doncafe Commerce, paying €15.3m (US$15.3m) for the coffee manufacturer based in Serbia and Montenegro, with an outfit in Bosnia.
A report in Haaretz notes that Elite received an option to buy for €7.4m another 10% stake in the Doncafe companies, which are expected to achieve sales turnover of €20m in 2002.
Go deeper with GlobalData
The total coffee market of Serbia and Montenegro is estimated at 25 tonnes a year, of which 95% is roasted and ground. Bosnia buys an additional 17 tonnes a year. Doncafe, according to the report, commands the second biggest segment, amounting to 30% of the market.
