Sintal Agriculture will exit sugar business
2012-11-26 17:23:42
According to the official statement made by vice-director of the company, its management came to the decision to exit sugar business industry, focusing more on production of grains. Company has already sold its Parhomov sugar production plant for USD 1.7 M and temporarily closed down Kongressov sugar production plant. Company explained its decision by the fact that capital expenditure for growing sugar beet is higher when comparing to production of grains.
AgroInvest comment: AgroInvest also notices trend of decrease in purchasing prices for sugar, e.g. price for sugar futures of CME has dropped by 20.2% as of today compared to its value a year ago. Astarta, other main sugar producer has also showed negative financial results due sugar prices and sugar production.
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