Viro (company)
Encyclopedia
The Viro sugar factory commonly referred to as just Viro, is a sugar refinery
based in Virovitica
, Croatia
. The company's shares are listed on the Zagreb Stock Exchange
(ZSE) and is one of the 25 companies included in its official share index CROBEX
as of September 2010.
The refinery was originally built in 1980 and had the daily refining capacity of 4,000 tons of sugar beet
. Established as an independent company, it was briefly part of the PIK Virovitica agricultural company between 1984 and 1991. In the 1990s the refinery experienced a steady decline in revenue and income which resulted in it being bought and re-bought several times in the late 1990s, before eventually being acquired by the Dutch
company Cosun and shortly after that filing for bankruptcy in 1999, with debts totaling some 575 million HRK
. After a period of internal restructuring the refinery's property was sold to two Croatian-based companies for 110 million HRK in 2002, after which the company was re-established as a limited liability company
in September 2002. The company's shares were listed on the Zagreb Stock Exchange in April 2006.
The company had managed to successfully bounce back in the late 2000s and it became the biggest such refinery in Croatia, with a 37 percent market share in the local sugar refining sector as of 2007.
Sugar refinery
A sugar refinery is a factory which refines raw sugar.Many cane sugar mills produce raw sugar, i.e. sugar with more colour and therefore more impurities than the white sugar which is normally consumed in households and used as an ingredient in soft drinks, cookies and so forth...
based in Virovitica
Virovitica
Virovitica is a Croatian town near the Croatian-Hungarian border. It is situated near the Drava river and belongs to the historic region of Slavonia. Virovitica has a population of 14,663, with 21,327 people in the municipality...
, Croatia
Croatia
Croatia , officially the Republic of Croatia , is a unitary democratic parliamentary republic in Europe at the crossroads of the Mitteleuropa, the Balkans, and the Mediterranean. Its capital and largest city is Zagreb. The country is divided into 20 counties and the city of Zagreb. Croatia covers ...
. The company's shares are listed on the Zagreb Stock Exchange
Zagreb Stock Exchange
The Zagreb Stock Exchange or ZSE is a stock exchange located in Zagreb, Croatia. It is Croatia's only stock exchange. The exchange trades shares of Croatian companies, as well as bonds and commercial bills....
(ZSE) and is one of the 25 companies included in its official share index CROBEX
CROBEX
CROBEX is the official share index of the Zagreb Stock Exchange. As of March 2011, it includes stocks of 25 companies and is calculated continuously using the latest stock prices...
as of September 2010.
The refinery was originally built in 1980 and had the daily refining capacity of 4,000 tons of sugar beet
Sugar beet
Sugar beet, a cultivated plant of Beta vulgaris, is a plant whose tuber contains a high concentration of sucrose. It is grown commercially for sugar production. Sugar beets and other B...
. Established as an independent company, it was briefly part of the PIK Virovitica agricultural company between 1984 and 1991. In the 1990s the refinery experienced a steady decline in revenue and income which resulted in it being bought and re-bought several times in the late 1990s, before eventually being acquired by the Dutch
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
company Cosun and shortly after that filing for bankruptcy in 1999, with debts totaling some 575 million HRK
Croatian kuna
The kuna is the currency of Croatia since 1994 . It is subdivided into 100 lipa. The kuna is issued by the Croatian National Bank and the coins are minted by the Croatian Monetary Institute....
. After a period of internal restructuring the refinery's property was sold to two Croatian-based companies for 110 million HRK in 2002, after which the company was re-established as a limited liability company
Limited liability company
A limited liability company is a flexible form of enterprise that blends elements of partnership and corporate structures. It is a legal form of company that provides limited liability to its owners in the vast majority of United States jurisdictions...
in September 2002. The company's shares were listed on the Zagreb Stock Exchange in April 2006.
The company had managed to successfully bounce back in the late 2000s and it became the biggest such refinery in Croatia, with a 37 percent market share in the local sugar refining sector as of 2007.