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Adris Group sells its tobacco business to BAT

Source: Hina
Author: rmli
ZAGREB, June 1 (Hina) - The Croatian tourism and tobacco company Adris Group over the weekend signed an agreement to sell to British American Tobacco (BAT) its Tvornica Duhana Rovinj (TDR) tobacco factory and all other tobacco units, the transaction being worth more than half a billion euros.

The sales agreement was signed on Saturday, May 30, and it refers to Adris Group's units Istragrafika and Hrvatski Duhani and the retail chains iNovina and Oprese.

Once the TDR's obligations are settled, the value of the agreement will be EUR 505 million.

The agreement obliges the new owner to keep the TDR's production at Kanfanar, Croatia, for a period of at least five years from the takeover, and to ensure an additional 50 million euros in case the factory is closed early.

The sales agreement is yet to be approved by Adris Group stockholders at a session set for July 14.

(Hina) rml

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