Austrian group GoodMills, controlled by the banking group Raiffeisen, has decided to close its local factory Titan, one of the oldest and best-known factories in the local market, reports local Ziarul Financiar.

The decision comes shortly after the group had sold its retail division, represented by the Belforno and Casa Brutarilor stores, as well as the hamburger and hot dog buns factory.

The Austrian group thus remained with the milling department and a part of the bakery division.

The retail division was taken over Dragos Serb, who had previously been the director of the 45 Belforno and Casa Brutarilor stores. The buns factory was bought by Lantmännen Unibake, a Swedish cooperative with an annual turnover of over EUR 1.1 billion.

GoodMills “was forced to cease operations” of the Titan factory “as a result of the strategic focus of its activities on the milling segment and after several attempts to technically streamline the manufacturing bakery activity,” according to company officials. The Titan factory is located in Pantelimon, Ilfov county.

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