Leading Israeli food manufacturer Elite is looking to invest in Serbia.

A dominant processor and supplier of coffee, Elite is “at an advanced stage of negotiations to buy the second largest coffee processing plant in Serbia, for an initial investment of €15m (US$14.8m),” according to a report in Maariv. This investment will give Elite 40% of stock value and 50% of the controlling shares of the Serbian plant, and as part of the deal, Elite will have the option to increase its holdings in the plant.

The report notes that Elite’s investment is in line with the company’s strategy to expand its international operations, through its subsidiary Elite International, which currently operates in Brazil and in eight countries throughout Europe. The report says that Q3 results for Elite International showed a loss of US$1.07m, compared with losses of US$2.55m for the corresponding period a year ago.

Regarding its performance on the local market, in the first nine months of this year Elite registered net profit of NIS38.4m (US$8.2m), a 21% increase compared with the corresponding period last year. Total revenues fell by 3.5% to NIS1.56bn.