British American Tobacco to acquire TDR for €550m

1st Jun 2015 08:02

British American Tobacco said on Monday that it had signed an agreement to acquire TDR d.o.o. and other tobacco and retail assets from Adris Grupa for a total enterprise value of €550m.By combining its existing business in the region with TDR - the leading independent cigarette manufacturer in Central Europe, with a market-leading position in Croatia - British American Tobacco expects to benefit from highly skilled people, well-established brands and enhanced regional leaf-processing capabilities.It will also benefit from a high-quality factory and print facility as well as strong relationships with distributors and retailers. As part of the deal, BAT has committed to keeping TDR's manufacturing facility in Kanfanar, Croatia, operational for at least five years following completion.BAT's chief executive Nicandro Durante said: "This is an exciting acquisition for BAT, which will provide immediate scale in three core markets of Croatia, Bosnia and Serbia and establishes a sustainable platform to grow our business in Central Europe".