French sugar company Tereos announced closure of Kenya and South Africa operations

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With depressed sugar prices worldwide, many sugar mills are finding it difficult to survive. Due to surplus stocks, low prices and no profit recently, many sugar mills were forced to shut their operations. Loss in sugar business has also impacted the well known French sugar company Tereos.

Tereos Commodities has announced plans to shut down operations and stop sugar trading in Kenya and South Africa by 2020. According to the reports, as part of a global activity review, it will close the offices of its trading branch in South Africa and Kenya.

The company has reported a sharp drop in profits in the last fiscal year. Tereos also has offices in India, Switzerland, France, Brazil, and Singapore.

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