On September 25, 2017, Smithfield (through its wholly-owned subsidiary) entered into a share purchase agreement, pursuant to which Smithfield (through its wholly-owned subsidiary) agreed to acquire 100% of the share capital of Elit and Vericom, conditional upon, among other things, obtaining anti-monopoly approval from the relevant regulatory authorities.
Elit and Vericom operate three packaged meats manufacturing facilities, five distribution centers and related assets in Romania. The two companies manufacture and sell, through a nationwide distribution network to over 12,000 customers, approximately 25,000 metric tons of branded, packaged meats annually (with the capacity to grow to 45,000 metric tons).
The Group expects the Acquisitions to give Smithfield a leading position in the Romanian packaged meats market with a branded portfolio of products sold in the higher margin traditional channel.
September 25, 2017 - WH Group.