The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Agriculture Agriculture, Forestry And Fishing Crop And Animal Production, Hunting And Related Service Activities 01.46 - Raising of swine/pigs
811 jobs Number of planned job creations
Announcement Date
10 July 2006
Employment effect (start)
20 January 2006
Foreseen end date
31 December 2011
Description
The North American group Smithfield Foods has announced it will invest more than USD 75 million in 2006 to retool Comtim, its pork processing complex in Timişoara (Vest region, Timiş county). Smithfield first entered the Romanian market by buying Comtim in 2004. The group plans to invest more than USD 850 million in Romania in the coming years. So far Smithfield invested more than USD 250 million. ‘We will reinvest 100% of the profits derived by our Romanian operations over the next ten years here', said the executive vice-president of the company on 20 January 2006.
‘By 2011, we will have 1,800 employees. The plant will process 16,000 pigs a day, i.e. four million pigs annually' said Mircea-Ioan Cotosman, the corporate affairs director of Smithfield Romania. Smithfield wants to turn Romania from a pork importer into a major pork exporter.
Sources
12 July 2006: Ziarul Financiar
11 July 2006: Ziarul Financiar
20 January 2006: Economistul
20 January 2006: Ziarul Financiar
Citation
Eurofound (2006), Comtim, Business expansion in Romania, factsheet number 63001, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63001.
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