Paris: Tereos, the largest sugar and ethanol producer in France has announced that it would reorganize its sugar business including closing sugar activities in a factory in northern France that would cut 123 jobs following the sharp drop in sugar beet output, reports Reuters.
The company had last year stated that it may close its sugar factory in France and is also planning to close its distillery in Morains and is searching for a buyer for its potato starch plant in Haussimont, both in eastern France.
The company posted improved third-quarter results last month following a surge in prices but the group is struggling to lower debt that is expected to rise again this season.
“The profit from growing beet is improving at Tereos but the area under beet cultivation is reduced due to the cooperative members facing regulatory (legislative, health, environmental) and economic constraints,” said the company in its statement.
