Serbian meat processor Srem Sid to be acquired by Agropapuk and Industrija Mesa Djurdjevic
Srem Sid, an insolvent meat processor company from Serbia, is to be acquired by the Agropapuk and Industrija Mesa Djurdjevic, announced the owner of Agropapuk, Bratislav Bogatic.
The joint venture is allowing the two companies to invest €3.5 million in the overhaul of the Srem Sid's facilities and another €5.5 million in a farm extension in Novo Orahovo area, reports See News.
Srem Sid is expected to process around 400 head of cattle per day and to export the meat to Turkey.
Serbia has a free trade agreement with Turkey at the beginning of this year and can export duty-free 5,000 tons of beef annually. The two buyers have announced that they will attract the farmers that were under contract with Srem Sid in order to keep the chain of supply intact. Srem Sid has been declared insolvent since 2001.
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