German Nordzucker sells sugar plants in Serbia

- German company Nordzucker, one of the leading sugar manufacturers in Europe, intends to sell its majority share in four sugar plants in Serbia - German media announced.

According to website Top Agrar, German company, with the headquarters in Braunschweig, decided to cut its expenditures significantly. Nordzucker plans to save 67m EUR and lay off 300 out of total of 5,000 employees prior to season 2014/2015.

German sugar manufacturer got into financial problems in early 2009 when it bought Danish sugar and bioethanol manufacturer Danisco, of which name was changed into Nordic Sugar.

One of the first saving measures will be the sale of the company's share in sugar plants in Serbia. Nordzucker owns sugar refineries in Bač, Vrbas, Pećinci and Kovačica.

Nordzucker entered Serbian market in 2006 through Miodrag Kostić's MK Commerce. The two companies formed a joint venture named Sunoko, 51% of which is owned by the German company.