GERMANY: Nordsucker sells Serbian refinery
Published: 03/11/2010, 10:38:36 AM
Germany's second largest sugar refiner Nordzucker said on Wednesday it has sold its Serbian sugar refinery Sunoko, according to Reuters.
Nordzucker sold its 51% shareholding in Sunoko to its local partners, the German company said in a statement.
In February, Nordzucker said it was cutting 300 jobs and would review the future of its shareholdings as part of a EUR67 million (US$90.92 million) cost reduction plan to face the challenges of the changing European Union sugar market.
"We have reviewed the economic perspectives of our Serbian shareholding and see no positive development in the foreseeable future," said Nordzucker's East Europe director Niels Poerksen in the statement.
Sunoko produces about 180,000 tonnes of sugar annually, much of which is exported to the EU.