Agrokor

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Agrokor (Croatian pronunciation: [âɡrokoːr]) was a conglomerate, largely centered in agribusiness, with headquarters in Zagreb, Croatia. Founded in 1976 as a flower grower, it became a joint stock company in 1989, with 100 percent ownership held by founder Ivica Todorić. It greatly expanded its operations in the following 25 years by acquiring several large companies in Croatia and Southeast Europe. The Agrokor group had an annual sales revenue of €6.465 billion in 2015, which made it the second-largest retail and eleventh-largest overall company in all of Southeast Europe. As of 31 December 2017, Agrokor employed around 50,900 people. On 1 April 2019, the assets of the demised Agrokor were consolidated within the newly founded Fortenova Group. Within Agrokor, whose primary activity was production and distribution of food and beverages, and retail trade, among others; they were also the largest Croatian producer of mineral and spring water Jamnica, ice cream company Ledo, oil, margarine, and mayonnaise production company Zvijezda, the largest Croatian meat production company PIK Vrbovec, agricultural-industrial company Belje, the largest Croatian retailer Konzum, and the largest Croatian retail newsstand chain Tisak. Ivica Todorić, founder of Agrokor, served as companies' CEO until April 2017. When Agrokor's financial difficulties became untenable, in March 2017 the government of Croatia hastily drafted and passed the Law on Extraordinary Administration Procedure in Enterprises of Systematic Importance for the Republic of Croatia, and by Todorić's activation of the Law in early April 2017 the Government forestalled the bankruptcy procedure and effectively took control over the company. Special administrator Ante Ramljak was appointed by the Commercial Court on 10 April 2017. Nevertheless, Ivica Todorić remained a nominal owner of Agrokor. Ministry of Economy, Entrepreneurship and Crafts published on its web site the Monthly Report on Economic and Financial Situation and the Implementation of Agrokor's Extraordinary Administration...