Smithfield invests 100m euros in farms

The agricultural unit of Smithfield group, one of the biggest US investors in Romania with a global turnover of around 9bn euros, is set to invest around 100m euros this year in order to double the number of farms it operates and build a combined fodder plant. The project is part of a 1bn dollar (over 600m euros) strategy announced when the US group entered the domestic market in 2004 through the acquisition of Comtim complex in Timisoara. Charcuterie producers mostly cover their necessary internal volume of raw materials from frozen meat imports, a reason why pork producers are investing to boost the number of owned farms. “We now operate 25 farms, but we have 10-15 farms under our authorisation and 10 under construction (…),” stated Bogdan Mihail, general manager of Smithfield Ferme. Smithfield Ferme posted turnover worth around 100m euros in 2007 and this year expects turnover to rise by 15-20%.