Atlantic starts chips production – Cooperation with Kanaan agreed, takeover possible as well

Atlantic Grupa announced that with Donji Miholjac-based Kanaan, it agreed strategic cooperation on service production of salty snack product line as well as that it started the copany estimation process with an option of ownership takeover.

As it was stated in the announcement of Altantic Gruppa, the copany, within the strategic busiess area of sweet and salty, expands the product line of salty cnacks with chips products, i.e. with the new chipsos brand.

This makes Atlantic a significant player at the chips segment in SEE, the company outlines.

Chips production was agreed with Kanaan, the most important service producer in this category in Croatia which complies with high standards in production and the quality of raw materials and final product.

With the agreed strategic cooperation, Atlantic Grupa with Kanaan started the deep estimation process of the company business. The option of ownership connection between Atlantic Grupa and Kanaan will be considered, i.e. takeover of majority stake in Kanaan, the announcement stated.

Atlantic Grupa is with Soko Stark the leading flips producer with wide range of salty snacks products. The most important brand in that segment is "smoki", and Atlantic also produced and places to the market products such as "prima" and flips "flipster" and with the new brand, "chipsos" strongly penetrates the chips category, Atlantic points out.

Kanaan’s core business is production and turnover of chips (61%), extruded products (37%) and maize popcorns (2%). The company is the first and leading producer of private labels in Croatia in salty snacks category with integrated ISO and HACCP quality systems as well as with IFS certificate for food production.