Cipiripi - will have a new owner.

Cipiripi - will have a new owner.

Food giant Nestle has sold its Serbian chocolate brand Cipiripi to Paracinka, a subsidiary of Serbian food distributor Silbo.

It said the disposal was part of "a continuous portfolio audit".

The deal is expected to be completed in the second quarter following approval by the relevant authorities. Financial details have not been revealed.

Nestle said the transaction will have no effect on its workforce in Serbia.

Jana Mihajlov, regional director of Nestle in south-eastern Europe, said: "Cipiripi has a long and rich history, with more than 27 years of presence in Serbia, and is a synonym of memorable memories and childhood. 

"In Paracinka, a member of the Silbo Distribution Group, we have found an exceptional home for our confectionery brand Cipiripi, in which it will continue to grow. At the same time, this allows Nestle to focus more on a portion of the confectionery range of its world-renowned KitKat, Lion, Smarties and After Eight brands, where we are planning strong future growth."

Nestle has been in Serbia for 25 years. It has a factory in Surcina and employs 547 people. 

Silbo operates distribution centres in Belgrade and Nis and has 360 employees.