The new owner undertakes to keep the production in Kanfanar for a minimum of five years after the moment of the takeover and to secure additional EUR 50 million in the event that the factory is shut down ahead of time

On 30 May in London,the President of TDR Management Board and member of Adris grupa Management Board Mato Zadro signed a purchase agreement with representatives of British American Tobacco, based on which the globally renowned tobacco company became the owner of TDR and other companies comprising Adris' tobacco strategic business unit - Istragrafika, Hrvatski duhani, and retail chains iNovine and Opresa. After the deduction of TDR's obligations, the transaction is worth EUR 505 million.

According to the agreement, the new owner undertakes to keep the production in Kanfanar for a minimum of five years after the moment of the takeover and to secure additional EUR 50 million in the event that the factory is shut down ahead of time.

The President of TDR Management Board Mato Zadro said: 'We are satisfied with the achieved ratio between TDR evaluation and the protection of our workers. However, in my opinion, it is of utmost importance that a renowned company has recognised the additional value of our integrated business model, which includes tobacco purchase and processing, cigarette production, packaging production, distribution, and retail. It is important for all of us that the production in Kanfanar will be continued and that the jobs will be preserved.'

In accordance with the conclusions from the General Meeting of Adris grupa held on 20 January 2015, the shareholders will make the final decision about this transaction at the meeting on 14 July 2015. The Management and Supervisory Boards have recommended that the shareholders accept the agreement.

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