March 22, 2010
Toepfer acquires two grain silos in Romania
The local branch of German grain trader Alfred C. Toepfer bought the controlling interests in Cerealcom Giurgiu from three Romanian businessmen in mid December 2009.
The value of the deal was not revealed. Toepfer is one of the more discreet players on the grain trade market, with EUR332 million (US$450 million) business in 2008.
The silos are situated in Giurgiu, a town in the south of Romania on the banks of the Danube river, with access to the Black Sea. The rich grain-growing land to the north is traversed by a railway to Romania's capital Bucharest.
The three entrepreneurs are also the owners of Aaylex Trading, which owns 66% in poultry producer Avicola Buzau.
"Usually, the acquisition of such silos is not cheap and the investment is not easy to recover. I believe this was an opportunity those at Toepfer tied to their export business," said Robert Arsene, general manager of Agricover, which produces seeds and distributes agricultural products.