AGROKOR OWNER OF FRIKOM
Feb 19, 2003
By the acquisition of Frikom Agrokor becomes one of the largest ice-cream and frozen food companies in Europe.
The Agrokor Group has today become the owner of the majority share package (55.49 per cent) of the Belgrade company Frikom a.d, the biggest producer of ice-cream and frozen food in Serbia. The Agreement was signed at the Privatization Agency of the Government of the Republic of Serbia in Belgrade by the President of Agrokor Ivica Todorić on one side and Dr. Mirko Cvetković, Director of the Privatization Agency and the Director of Frikom Dušan Pavlović on the other. Agrokor's offer for Frikom's capital amounts to US$ 11m. In the first year already Agrokor shall spend another US$ 17.5m on new investments. Additional US$ 18.5m will be invested in the social program for employees, in line with Agrokor's strategic orientation. Frikom already holds around 50 per cent of the Serbian market and is significantly present in Macedonia. Agrokor will use its new position to conquer the other markets in the region and the market of Russia, with whom Serbia has a preferential import regime in place for a large number of products. By approaching the market of Bosnia and Herzegovina, and now of Serbia and Macedonia Agrokor as one of the biggest food producers in Croatia has realized one of its strategic goals - regional market expansion. The Agrokor Group has thus become one of the biggest ice-cream and frozen food production companies in Europe, with Ledo and Frikom as regional leaders.