Investment fund "Salford" merges Serbian dairies

The biggest Serbian dairy, Belgrade-based "Imlek", should merge with dairy "Zemun" and Zaječar-based "Industry of Milk and Dairy Products" (IMPAZ) prior to the end of the year.

The assembly of stockholders should approve the Draft contract on merging by mid-December 2006 with the merging of three dairies and the basic capital of "Imlek" would be increased from 370m RSD to 5.24 billion RSD.

According to the expectation, integration of IMPAZ, "Imlek" and Zemun-based dairy will enable more efficient operations, better operativity, management control and regional merging.

All three dairies are the property of investment fund "Salford" and they operate as part of "Danube foods group", the members of which are also Subotica's and Novi Sad's dairies.