The investment, at a total value of EUR 50m, while the new production facility is set to become operational within 15 months of obtaining a building permit.  

Atlantic Group published an announcement on the Zagreb Stock Exchange stating that they have decided to invest in the construction of a new factory for products under the Argeta brand, to be built in the municipality of Kneginec near Varaždin.

The investment, at a total value of EUR 50m, is underway with the realization of the land acquisition and shall proceed in several stages, with the new production facility set to become operational within 15 months of obtaining a building permit.  The company notes that up to 150 new jobs are planned to be created once all stages of the project are realized.

Savoury Spreads as the main category in terms of strategy Atlantic Grupa currently operates two modern factories for the production of Argeta spreads – in Izola, Slovenia and in Hadžići, B&H, and has set up service production in Harrisburg, USA for the US and Canadian markets.

Atlantic notes that the growth and plans for expansion of operations relating to spreads as one of the main categories of the Group have led to a need for additional production capacity building. As a reminder, Strategic Business Unit (SBU) Savoury Spreads accounts for 15.9% of the total sales revenues of Atlantic Grupa. In 2020, the unit recorded a solid growth of 15.1% YoY.