German sugar refiner Nordzucker said it plans to sell its Serbian units as it looks to raise cash for the purchase of Danisco’s sugar business.
The firm said it had “analysed the prospects for the economic development of its Serbian business” and made the decision to sell its shares. “Appropriate steps have already been taken,” Nordzucker said.
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A spokesperson for Nordzucker told just-food that the sale was “ongoing” and that it was to help fund the purchase of the Danisco business unit.
“We have four sugar factories in Serbia as part of a joint venture. We made the announcement in our quarter report and we intend to tell the Serbian subsidiary,” the spokesperson said.
The firm declined to comment on how much it was hoping to make with the sale of the units.
Early last month, the chief executive of Nordzucker resigned from his post as a result of “differences of opinion” over the company’s future strategy. Hans-Gerd Birlenberg has been replaced by Hartwig Fuchs.
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By GlobalDataNorducker said the resignation was due to “differences of opinion concerning the future strategic focus and management of the company”.
