Canadian dairy cooperative Agrinove is reported to have gone bankrupt.
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Some 200 employees are affected, along with 800 agricultural producers, mainly in the Beauce region of Quebec, reported the LCN news site.
The board of directors is reported to have decided to abandon ship during the early part of this week. At the same time, the board called off plans to hold an extraordinary meeting of its members to try to raise C$1.2m (US$919,000) to keep the troubled business afloat.
Agrinove’s downfall is being blamed at least in part on an over-ambitious new product launch programme, as well as legal costs relating to a trademark dispute with Italian dairy giant Parmalat.
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