Romanian meat producer Cris-Tim buys insolvent factory

Local meat producer Cris-Tim has acquired the Diavist plant in Prahova, which has been insolvent since 2012.

The factory, which first became operational in 2000, has a production capacity of 20 tons of processed meat per day. Cris-Tim has decided to buy it because it estimated its factories in Filipestii de Padure will reach a maximum capacity next year, Cris-Tim founder and president Radu Timis said, reports local Profit.ro.

The Prahova plant recorded a turnover of RON 25.8 million (EUR 5.5 million) and a loss of almost RON 600,000 (EUR 129,500) last year. The factory became insolvent as a result of the economic crisis. This led to a decrease in the number of products sold and contracts concluded with various clients, as well as no new contracts with big retailers.

The plant had total debts of RON 17.7 million (EUR 4 million) in 2012. These dropped to RON 14.4 million (EUR 3.1 million) in 2016.

The factory’s customers currently include Cora, Selgros and Kaufland.

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(photo source: Cris-Tim on Facebook)

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