November 21, 2017

Tnuva to withdraw from Romania

Mediafax writes that the Israeli group Tnuva is considering withdrawing from the Romanian market because of massive losses and operations will be shut down if there is no buyer. Business publication Globes writes, quoting various sources that since 2005 Tnuva has invested about 60 million Euros in Romania and its withdrawal from the market will be one of the main concerns of the new CEO of the company, Shlomo Rodev. The dairy operations in Romania cause massive losses, with sales of only 20 million Euros a year, while the group in 2005 had set the target of reaching 50 million a year within three years after it entered the market. Tnuva representatives refused to comment on the report.

Source: Bucharest Herald (read more)

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