Joint Venture in Romania
The agreements previously subscribed by Caroli Foods Group and Campofrio Food Group took full effect 20th July 2010, thereby creating a joint company or “Joint Venture” and within it, an integration of the operations of both groups in the Romanian market.
The new Group, which operates under the name of Caroli Foods Group, is the leader in the Romanian market for processed meats with a market share of 15%. Its products will be marketed under the Campofrío, Caroli, Maestro, Sissi, Gourmet and Primo brands. Campofrío Food Group’s participation in said “Joint Venture" is 49% with the remaining 51% belonging to the former shareholders of Caroli Foods.
The Group is represented by a Board of Directors consisting of five members, where Talal El Solh is the President and where Campofrio Food Group is represented by two board members. Haluk Akdemin, who has been named Chief Executive Officer of the new Group, will lead the integration tasks and the management of the Group, and will continue with the running of both the Pitesti and the Tulcea factories.
Caroli Foods Group will operate independently of Campofrío Food Group. However, as a result of the agreements between the shareholders, Campofrío will provide full support for the Caroli Foods Group operations, with the aim of optimising these operations and promoting the growth of the company both in the Romanian market and in other markets which represent the activity areas of the "Joint Venture".
The Caroli Foods Group BV, the main shareholder of the group, is based in 2 Martinus Nijhofflaan Street, 2624 ES Delft, The Netherlands.
With regards to the societies operating in Romania, they will continue operations under the names of the following companies: SC Tabco-Campofrio S.A., SC Caroli Foods Group SRL, SC Caroli Prod 2000 SRL, SC Caroli Brands SRL, and will carry on normal operations without any structural reorganisation