The Atlantic Grupa is investing €50 million in the construction of a new, state-of-the-art factory for the production of its Argeta savoury spreads near Varazdin and the investment will create 150 new jobs, the company reported on Monday.

The investment involves the purchase of about 41,000 square metres of land in the Kneginec business zone and the new plant is expected to be operational within 15 months of the necessary building permits being issued.

The investment will be implemented in phases and the first phase will create up to 150 new jobs.

The Kneginec business zone was selected for its geographic location, transport connectivity, developed infrastructure and the availability of a qualified labour force, as well as because of the benefits being offered for production activities.

The company recalled that it already has two modern factories for the production of savoury spreads, one in the Slovenian town of Izola and the other in Hadzici, in Bosnia and Herzegovina. It also has service production in Harrisburg, USA, which services the USA and Canada markets.

The group’s savoury spreads segment accounts for 15.9% of its sales revenue and it has been continually recording a double-digit growth. In 2020 it grew an enviable 15.1% year on year, Atlantic Grupa said.