The French government asked Suedzucker on 13th March to review its plans to close two beet sugar factories and a packaging plant in France, as the publicly listed German sugar maker seeks to cut costs of its operations amidst reduced profitability amidst global glut and low sugar prices.
The top sugar producer Suedzucker plans to close a 50,000 tonne-a-year production plant in Poland as a part of a restructuring programme to address reduced profitability amidst slump in sugar prices from global glut, reported Reuter’s.
As part of a wider restructuring plan, the sugar giant Suedzucker is to close two beet sugar factories in France and two in Germany, reported Reuters.
The sugar giant Suedzucker said on 29th January that it is planning to cut sugar output and close sugar factories to save about €100 million (US$114 million) a year following a slump in sugar prices.
The sugar giant Suedzucker on 10th January reported a third-quarter operating loss, hit by the collapse in sugar prices amidst global surplus. The company issued a profit warning for the current fiscal year 2018-2019.
Suedzucker, like most of the sugar producers in Europe, has acknowledged that it is suffering from the steep fall in sugar prices in recent months and plans to step up exports to try and boost revenues, reported Reuters
The largest global sugar producer Suedzucker said on 18th May that it was confident that it would secure higher earnings as the EU enters a new era with a liberalised sugar market, reported Reuters.
Operating profit in the third quarter to the end of November more than doubled to EUR64 mln from EUR27 mln last year.