Jaffa Crvenka bought Banini for EUR 15 million in March 2017
, and the Kikinda-based producer is undergoing a recovery process seven months since joining the operations together. The full potential should be realized in the next couple of years, as the new owner's ambitious plans include further expansions in the confectionery market and strengthening competitiveness in the market of the European Union.
Let us remind that the problems of Banini, one of the main participants in the local confectionery industry, started in 2010, when it incurred banking debts for the construction of a new facility in the Teremijski Drum Street. High interest rates soon followed, continuing to rise, and the factory's growing debts led to the bankruptcy proceeding of 2016.
After the purchase by the Crvenka-based company, conditions met for exiting the bankruptcy proceedings and starting a recovery.
Bojan Knezevic, Managing Director of these two companies, says in his interview for our portal that great opportunities for further development of brands, potential modifications in the production process and new products lie in the merger of Jaffa and Banini.
– We have successfully initiated the production in Banini and we are satisfied with the initial results. It's too early to talk about concrete figures, but we can say that 2018 will be a year of development. The merger has given us new strength and quality people and this is where our new, joint potential lies – Knezevic points out for eKapija.eKapija: During the purchase, you announced that, following the acquisition, you would be producing all of Banini's products up till that point. Has the entire program been kept? Are you planning new lines of products and which ones?
– We have initiated the production of five brands: Noblice, Toto, Rum Kasato, Domacica and Trik and started marketing them successfully. As regards a growth of the portfolio, the year 2018 will be a year of development for us. By joining forces, we have created one of the best teams in Serbia, which will become apparent to consumers in the upcoming years.