Croco, which is held by entrepreneur Damian Mereu, posted EUR32 million revenue last year and is currently working on a EUR14 project to boost biscuit production.
The first phase of the project required a EUR7 million investment and was scheduled for completion last November.
The next phase, which requires the same amount of investment as the first is to be completed this year. Once the project completed, the company announced it would hire 400 people for a total of 650.
Damian Mereu put the Croco business up for sale last year, as ZF found, but the deal is on stand-by. The entrepreneur denied such information. The audit and advisory firm KPMG is handling the process, sources told ZF.
Damian Mereu had previously told ZF he had received offers to sell over time but his priority was to complete the investments in progress.
(English version by Loredana Fratila-Cristescu)