Croatia's Adris says mulling possible partner for tobacco arm

 

(Reuters) Croatian tourism, tobacco and insurance group Adris said on Tuesday it may seek a partner for its cigarette-manufacturing arm because rising global competition was hurting the business.
"In the longer term, given the ultimate concentration of the global tobacco industry, we are not able to create significant added value in this segment of our business," Adris said in a statement on the Zagreb bourse in response to media reports speculating about a possible takeover of its tobacco unit.
"We think it is therefore reasonable to consider a possible partnership. The aim, of course, is to keep production and jobs in Croatia," it said. Continued