Smithfield posts profit on the local market

Smithfield Foods Romania, the local division of the American company Smithfield Foods, the biggest player on the worldwide pork market, saw a profit in the financial year ending March 2007, although the reopening of the meat processing plant in Timisoara (the former Comtim), which took place in November, initially entailed relatively high costs, according to the report published by the American company. “Our investments in Poland and Romania are part of a long-term strategy. Even though our short-term results are modest and are only now becoming positive, we are expecting to see constant improvement, as our business develops and as we achieve economies of scale,” stated C. Larry Pope, chairman and chief executive of Smithfield. The American group ended the last quarter of the fiscal year (April 2006 – March 2007) with slight losses on the local market, following a lower volume of activity, accompanied by the reopening of the meat processing plant, according to Smithfield Foods information. The company’s business in Romania and Poland is focused on a rapid development of pig farms.