The boss of Spanish processed meat maker Campofrio Food Group has hailed an “extraordinary” year after the company swung to a 2009 net profit amid the merger that formed the business.
Campofrio, formed in late 2008 after the merger of Campofrio Alimentacion and Smithfield Foods’ European operations, booked a net profit of EUR14m (US$19m) for 2009 – against a net loss of EUR5.8m a year earlier.
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The company’s 2009 profit came even after the business absorbed EUR13m in costs from its refinancing late last year.
CEO Robert Sharpe said Campofrio had completed the integration of its two “predecessor” companies, beat its synergy targets and posted “substantially improved results”.
“As a result, we enter 2010 fully prepared to capitalise on our position as Europe’s leading processed
meats company,” Sharpe said.
Turnover in 2009, however, fell 5.9% to EUR1.85bn due to “pricing pressure”, the company said.
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