Three domestic sugar factories - Tvornica Secera Osijek, Viro and Sladorana - which signed an agreement on joining their production capacities on 28 December 2018, on Turesday reported that the process of their merger had been completed.

The consolidation has been performed through the joining of their production capacities and know-how and they now do business under the name “Hrvatska Industrija Secera”, according to a press release issued on the Zagreb Stock Exchange (ZSE).

As a result, Tvornica Secera Osijek holds a 40 percent stake in the new company, while Viro and Sladorana hold the remaining 60 percent together.

The purpose of the agreement is to consolidate the Croatian sugar industry and create a better and more efficient enterprise that will be able to compete with regional and other European and global sugar market participants in an economically viable way.