ROMANIA: Elit and Vericom takeover, analyzed by the Competition | Progresiv
The Competition Council analyzes the transaction by which Smithfield Romania acquired Elit and Vericom 2001, owned by Dorin Mateiu entrepreneur. 
According to the provisions of the Competition Law no. (21/1996), the operation is an economic concentration that exceeds the value thresholds provided by the law, being subjected to the control of the Competition Council.
Smithfield has fully bought the two companies, according to an announcement released at the end of September on the Hong Kong Stock Exchange and taken over by the New York Times. The value of the transaction was not specified. The transaction is awaiting approval from the Competition Council.
Elit and Vericom together own three production units and five distribution centers in Romania, with sales of around 25,000 tons of packaged meat for 12,000 customers nationwide.
Elit, one of the most important meat processors in Romania, went out from insolvency this year.
The company ended 2016 with a turnover of 75 million euros and a profit of about 8 million euros. In turn, the Vericom cold cuts factory reported last year a turnover of over 21 million euros and a net profit of 1.6 million euros.
In August, the Chinese from WH Group acquired Pini Polska, Hamburger Pini and Royal Chicken companies in Poland as part of the expansion strategy in Europe.
Smithfield Ferme operates 46 farms in Timis and Arad counties, along with four swine breeding units and two combined feed factories.
