Italy-based confectionary company, Ferrero, has acquired Serbian agribusiness, Aleksa Santic through its Serbian subsidiary, Agriser. The purchase price for the firm, which includes 700 hectares of land that Ferrero plans to use for hazelnut production, was €7.95 million.
In February 2014, Ferrero signed a memorandum of understanding with the Serbian government for the development of hazelnut production on 1,000 hectares in the country. At the time, Ferrero stated that the company planned to transform Serbia into “the European hub of hazelnut production”.
In the coming years, Ferrero plans to increase its investments to expand its hazelnut orchards in the country from 1,000 hectares to 10,000 hectares by 2020.
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