Belupo invests HRK 530 mln in new plant

The Belupo pharmaceutical company on Tuesday opened a new factory in Koprivnica for solid, semi-solid and liquid medications and will employ 200 new workers.

Belupo, which is part of the Podravka food concern, invested HRK 530 million in the new factory which was opened by Prime Minister Andrej Plenkovic, who said that Koprivnica had a brilliant company, the second largest on the pharmaceutical market in Croatia.

"Belupo is an exceptionally export oriented company and is present on 16 markets. What is important is that this investment of 70 million euros will create 200 new jobs," Plenkovic told reporters after seeing the new plant.

He added that it appeared that room has been left for further expansion in the future.

"This is a big chance for Koprivnica-Krizevci County, for Podravka and Belupo, and all those associated with its activities and there are many of them in Croatia," Plenkovic added.

Asked whether Podravka would be put back on the list of strategically important companies, the prime minister said that Podravka in itself is a company of strategic interest regardless of whether it is on that list or not.

Belupo financed the construction of the new plant and provided 45% of the funds on its own, while 55% was secured by a loan from the Croatian Bank for Reconstruction and Development.

Belupo's management described this as one of the largest greenfield investments in the country, adding that what is important is that almost 90% of the construction works were conducted by Croatian contractors and that domestic companies earned 70% of the revenue generated from the project.

"From its founding, Podravka has been an important stakeholder for the Croatian economy and is a leading food concern... Belupo accounts for 25% of Podravka Group's total revenue," Podravka's CEO Marin Pucar said.

Text: Hina

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