Sugar: Nordzucker announces drastic cuts

December 13, 2018 at 9:43 AM , Der AUDITOR
Company headquarters of the Nordzucker AG in Braunschweig, Germany @ Nordzucker AG
Company headquarters of the Nordzucker AG in Braunschweig, Germany @ Nordzucker AG
Play report as audio

FRANKFURT. In July, the EU Commission was still reckoning with an EU sugar production of 20.1 million mt. This figure has since been revised downwards several times.

 

Dramatic cuts in personnel costs

In a press release issued on 11 December, the Nordzucker AG anticipates an operating loss of EUR 40 million this year. The Group also expects average earnings to be lower than in previous years and is planning to implement effective measures. "In our core business of beet sugar in Europe, we will adapt our processes, organisation and cost structure to the changed market conditions,” CEO Dr Lars Gorissen, stated.

Nordzucker AG's realignment includes its entry into cane sugar production outside Europe. Most

View related articles

Go to the News Overview
Sugar
Jul 5, 2023
BRASÍLIA/BRUSSELS. Grounds are slippery in Brazil’s sugar market as local traders do not only need to keep a close eye on quotations in New York and London but are also confronted with manipulation and fraud. The EU may not be Brazil’s top export destination, but raw cane sugar imports have soared despite prices being high.
Sugar
Sep 23, 2021
BRUSSELS/FRANKFURT. EU sugar exports are expected to outstrip imports in the current marketing year. Although the market has certainly rebounded from the impact of the pandemic, sugar manufactures are trying to adopt a cautious approach to the post-pandemic future in 2021/2022. Market prices are also reflecting this development.
Sugar
Jul 8, 2021
MANNHEIM. While Südzucker AG's group revenues increased slightly in the first quarter of the current 2021/22 financial year, group operating profit declined for the time being. For the first time, the quarterly report covers five segments instead of the previous four.
Sugar
Feb 17, 2021
BRUSSELS/FRANKFURT. Market players are sounding the alarm bells over declines in production, particularly in France and in Germany. Concerns are being voiced that Germany's sugar suppliers will not be able meet food industry demand at the end of August. EU-UK trade has also been adversely impacted by Brexit.