A company press release heralded the end to the joint venture proposed between Parrys Confectionary and Spanish company Chupa Chups.
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Parry’s revealed that the deal had ended by mutual consent and it would now focus on restructuring its business operations. This may involve a “reduction of capital employed” and the streamlining of production facilities.
For the nine months ending 31 December, the confectionary company posted a total loss of Rs 6.09 crore, on sales that reached Rs 79.7 crore. This did represent some improvement on 1999 figures of a Rs 22.67 crore loss on sales of Rs 67.7 crore.
The company’s Tamil Nadu-based production unit ceased operation indefinitely lat October, and for the time being the full quota of market requirements are being produced at a unit in Nellikuppam.
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