FRANCE: Pork processor Gad SAS enters administration
One of France's leading pork processors, Gad SAS, was today (27 February) placed under judicial administration by Rennes commercial court for a period of six months renewable.
In a statement, Gad SAS said it would continue to trade normally.
The Brittany-based firm is majority-owned by food co-operative CECAB and had filed for bankruptcy last Friday.
A spokesman told just-food earlier this month that Gad SAS had lost money over the past three years and that efforts to stablise the group's financial position had been insufficient.
He said the group's difficulties reflected the poor market conditions currently affecting the French pork sector.
Gad SAS employs around 1,700 staff across four locations. It posted a 2012 turnover of EUR453m and processed EUR2.4m pigs.
- BRICs: The thinking behind Mondelez's Vietnam deal
- Interview part 1: BRF CFO Augusto Ribeiro
- Prospects for protein: Snacks growth to continue
- Comment: Why Gardein is Pinnacle's ideal fodder
- Deal or no deal: Should Danone buy Mead Johnson?
- 2 Sisters Food Group posts higher annual losses
- Kellogg trumps Abraaj bid for Bisco Misr
- Bird flu leads Dutch to stop poultry distribution
- Live blog: Food Matters Live
- Arla eyes infant formula firms with lactose plant
- Early Signals: future scenarios that will drive consumption and product innovation over the next five years
- Energy Bars Market in Canada: Market Profile to 2017
- The Snackification of Breakfast
- Dairy Product Production in China
- PepsiCo, Inc. : Consumer Packaged Goods - Company Profile, SWOT & Financial Report