June 6, 2007

Romania's Elit to pour US$26.99 million for its fresh meat market entry this year

Romanian meat processing company Elit may invest a total 20 million euros (US$26.99 million) in its entry to the local fresh meat market in 2007, sales manager Florin Filipescu said.

The company plans to expand its plant capacity in the Alba county, northwestern Romania, and to open a fresh meat production line with a capacity of between 30 tonnes and 40 tonnes per day, in a move to halve imports.

Elit has gained a net profit of 6.0 million euros (US$8.09 million) in 2006 on a turnover of 50 million euros (US$67.49 million).

The company is operating two meat plants and has warehouses in Bucharest, Craiova, Cugir and Alba Iulia, as well as its own distribution and retail network.

Elit was established in Cugir, northwestern Romania, in 2002 by local investor Dorin Mateiu.