Südzucker’s latest trading update for the 2019/20 financial year (March 1, 2019, to February 29, 2020) confirmed a forecast made in April for a strong profit increase in its current financial year on hopes cost savings, strong EU demand and rising sugar prices will lift its core business despite the impact of coronavirus.
The top European sugar producer Suedzucker recently confirmed an improvement in quarterly earnings bolstered by significantly higher revenues from its ethanol business while losses from its sugar business continued.
Suedzucker, the largest sugar producer in Europe, announced on 18th November the closure of its export sales office in Antwerp, Belgium, as part of its strategy to focus on the EU market rather than sales outside the EU.
Germany’s Sudzucker has temporarily mothballed its factory in Falesti, one of its two factories in Moldova. the plant will be closed until April 2021, according to a press release from the company on 23rd October.
Europe’s largest sugar producer Südzucker’s H1 sales in the first half of the financial year fell to €3.31 billion by the end of August compared with €3.48 billion last year. The operating profit fell by almost 47% to €74 million. The decline was attributed to the losses in the sugar segment, the company said in a statement on 10th October.
Südzucker’s CEO flatly rejects buyout of two beet sugar factories that it is closing in France [Full subscriber]
The sugar giant Südzucker said on 23rd May it will not sell two of its sugar factories in France where it wants to end production, rejecting a buyout plan from French farmers.
Europe’s largest sugar producer Suedzucker stated at a press briefing on 15th May in Manneheim, Germany that the Group’s sales fell by 3.3% to €6.75 billion in the financial year ended February 28, 2018/19. This was largely due to the losses in the sugar division.
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.