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.
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