Romanian meat processor acquires plant, eyes exports to Middle East
The takeover of the plant, owned by the Cord family and operated by some 110 workers, is part of Cris-Tim’s long-term strategy to raise its meat processing capacities.
Cris-Tim is aiming to carry out further acquisitions, according to senior company representatives.
Exports to Middle East
“We have a wide range of products and exports, and are no longer able to meet demand,” Radu Timis, the company’s co-founder and owner, told local business daily Ziarul Financiar. “We are also considering selling halal meat and other meat products to Middle Eastern countries.”
The acquisition will expand the company’s production capabilities in the region. Enabled with a processing capacity of about 20 tonnes (t) per day, the facility in Măgureni is located about 6km from Cris-Tim’s meat processing plant in Filipeștii de Pădure.
Diavist was set up in 2000, and its customers included a number of major retail chains, including Kaufland, Auchan, Selgros Cash & Carry and others. The value of the transaction between Cris-Tim and the Cord family was not disclosed.
IPO to finance expansion plans
Last November, Timis said he was considering launching an initial public offering for Cris-Tim on the Bucharest Stock Exchange (BSE). The move would enable the meat processor to raise funds for the company’s expansion plans. However, the businessman said he has not made a final decision regarding the IPO.
For 2017, the meat processor is aiming to expand its revenues by 20% to some €150 million. According to Timis, Cris-Tim’s higher sales this year are predominantly driven by a 30% increase posted in the modern retail sector. That said, the company’s rising wage bill has been hampering the growth of its profitability, he said.
The firm has been active in the Romanian meat industry since 1992, and its portfolio comprises sausages, hams, frankfurters, salami and other products. The meat processor specialises in pork and poultry meat products, and its brands include Cris-Tim, Matache Macelaru, Csardas, Gostat and Mugura.
In addition to the Romanian market, the meat business exports about 10% of its output to various foreign markets, with EUs member states dominating Cris-Tim’s export structure. These comprise the UK, Ireland, Germany, Italy, France, Sweden, Denmark, Austria, Spain, Portugal, Belgium, Greece, Cyprus, the Czech Republic, and Hungary. Cris-Tim also exports its products to neighbouring Moldova. The company’s logistics capacity is ensured by a fleet of more than 450 commercial vehicles.
Established by Timis and his wife Cristina, the meat processor’s headquarters are located in Romania’s capital, Bucharest. Cris-Tim’s facilities are operated by about 2,500 employees.
