November 22 (SeeNews) - Smithfield Europa, a subsidiary of U.S.-based meat processing company Smithfield Foods, said on Tuesday that it has signed an agreement to acquire Goodies Meat Production, a Romanian company operating in the same industry.
The acquisition will be carried out through Smithfield Europa's Romanian subsidiary Elit, the company said in a press release.
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The transaction, whose value was not disclosed, is pending approval from the Romanian anti-trust body.
Goodies Meat Production is a Romanian meat producer and retailer which operates a production facility in the southern county of Prahova, where some 320 work. The company outputs 20,000 tonnes of product per year.
Elit is part of the Smithfield Group since 2018. The company has been present on the Romanian market for more than 20 years and currently employs over 2,000. Elit produces over 30,000 tonnes of meat products per year.
In 2021, Elit booked a net profit of approximately 60 million lei ($12.4 million/12.1 million euro), data from the finance ministry's website showed.
Smithfield Foods is an American pork producer and food-processing company based in Smithfield, Virginia, and an independent subsidiary of China's WH Group.
(1 euro=4.9253 lei)