US Smithfield to revive ComTim

The world’s largest pork producer, US Smithfield Foods, is in talks to take over 70% in the former Timisoara-based ComTim complex, which is currently held by Agrotorvis SRL Timisoara. Agrotorvis, part of a group of Italian investors, took over the assets during ComTim’s liquidation, but has not started production yet. Smithfield logs annual turnover worth 8 billion US dollars.

“The Americans want to consolidate their position in Europe and to this end directed their attention to former ComTim’s assets. The Italian investors are still in talks with the Americans and we expect negotiations to be concluded this week. After the Americans’ arrival, the business will grow, considering it is currently under conservation,” stated Andrei Neciov, Agrotorvis administrator.

Smithfield has been in takeover negotiations for almost a year. Representatives of the two sides were expected yesterday in Romania, to announce the outcome of talks. Smithfield representatives could not be contacted for comment by press time. In February, Smithfield paid $87.8 million for a 15% stake in Campofrio Alimentacion SA, which owns the Tulcea-based Tabco-Campofrio in Romania.

“I have been notified of this transaction, I have been even asked for some data about the former ComTim. Smithfield is interested in aggressively penetrating the Eastern European markets,” says Ovidiu Wentz, Tabco Campofrio general manager.

According to Wents, Smithfield will “clean up” the pork industry, from pig raising to meat processing. “We, meat processors, are also quite affected by the weak quality of Romanian meat and should the pork industry not grow, we will enter the EU with an enormous deficit,” Wentz said.
stelian.negrea@zf.ro