The local branch of German grain trader Alfred C. Toepfer bought the controlling interests in Cerealcom Giurgiu from three Romanian businessmen Gavril Fetinca, Bogdan Stanca and Bogdan Gruia in mid December 2009.
The value of the deal was not revealed, because neither the buyer nor the seller wanted to provide any comment on it.
Toepfer is one of the more discreet players on the grain trade market, with €332 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.
"We did not put the silos up for sale, those at Toepfer were interested in buying them," said Bogdan Stanca, adding that it was the buyers that should be sought for more information on the deal.
“The reason for this move may have to do with the position of the silos owned by Cerealcom Giurgiu, whose capacity stands at 35,000 and 10,000 tonnes. "
Toepfer has been running operations from Giurgiu for a long time because this is an important export harbour.
“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.
Source: Ziarul Financial