UPDATE Source: Business Romania – 24 May 2006 Smithfield Foods Delegation Comes To Romania
These days Smithfield Foods delegation, Inc. led by C. Larry Pope, President and Chief Operating Officer and Richard J.M. Poulson, Executive Vice President and Senior Advisor to the Chairman is visiting Romania, having a meetings’ agenda with top Romanian officials from Bucharest and Timisoara counties meant to update developments of the 2006 activities. Smithfield’s investments in Romania exceed today USD 250 million and it is expected to surpass USD 850 million by the end of 2010, when the company plans to raise and slaughter in Romania over 4 million hogs annually. Investments reach US$275m in 2006
UPDATE Source: just-food.com – 19 Jan 2006
Smithfield Foods, the world’s largest hog producer and pork processor, has reported that it expects its investments in Romania to reach US$275m by the end of 2006.
In March 2004, Smithfield acquired a majority stake in Romanian meat processing company Agrotorvis. Since then, the company has invested US$200m in developing this business.
With the influx of fresh investment, the company plans to sign longterm deals with Romanian farmers, Romanian reports have suggested.
Smithfield’s executive vice president, Richard J.M. Poulson, said that the company plans to reinvest all its profits for the next ten years.
NEWS: Smithfield Foods Makes $850 Mln Investments In Romania
Source:Bucharest Daily News Sept 19 2005
The Americans from Smithfield Foods will invest more than $850 million in Romania. The company recently bought Comtim and intends to make Romania a net exporter of food, according to president Traian Basescu. The company wants to create about 200 pig raising farms by financing Romanian individuals that engage supply pork meat for Smithfield. “Is an American way of making business, that I hope will by successful in Romania because it would highlight our agricultural potential and would create business opportunities for many Romanians,” said Basescu.
NEWS: Smithfield To Operate Country’s Largest Meat Producer
Source; Ziarul Financiar, 25 feb 2005
America’s Smithfield Foods, the world’s largest meat processor, is expanding on the Romanian market by purchasing one of the largest foodstuff distributors, Agroalim Distribution, and one of the biggest refrigerating storage company Frigorifer Tulcea. The value of the deals remained undisclosed.
Both companies have annual turnovers in excess of EUR 30 million and belong to a Lebanese investor, Mounir Halawany.
“We will be by far the largest meat producer in Romania, while the second will be way behind us. We have bought two operations on the Romanian market and a logistics company with a fleet of more than 100 trucks”, Joseph W. Luter III, CEO Smithfield Foods, was quoted as saying.
Smithfield Foods last year bought the pig farm ComTim Timisoara in a $33 million deal.