Nestle Serbia promoting Cipiripi model to unit of native meals distributor Silbo
BELGRADE, Serbia, May 4 (SeeNews) – The Serbian unit of global food giant Nestle signed an agreement on Friday to sell the chocolate brand Cipiripi to Paracinka, a subsidiary of Serbian grocer Silbo.
The transaction, which has no impact on Nestlé Serbia’s workforce, is expected to close in the second quarter of 2018 after approval by the relevant authorities, Nestle Serbia said in a statement.
The company did not provide financial details of the transaction.
“In Paracinka, a member of the Silbo sales group, we have found an extraordinary home for our confectionery brand Cipiripi, where it will continue to develop. At the same time, this enables Nestlé to concentrate on its globally recognized confectionery brands Kit Kat, Lion, Smarties and After Eight, in which we are planning strong future growth, “said Nestlé Adriatic Managing Director Yana Mikhailova.
The transaction is in line with Nestlé’s strategy of continually revising its brand portfolio, the press release said.
Silbo operates distribution centers in Belgrade and Nis and employs 360 people.