Sector News

Suedzucker, CropEnergies executives leave after biofuel problems

May 1, 2015
Food & Drink
(Reuters) – Europe’s leading sugar maker Suedzucker and its biofuels unit CropEnergies said on Thursday two senior executives had left the group following poor performances in its bioethanol sector.
 
Suedzucker executive board member Lutz Guderjahn has resigned and has ceased working for the company, Suedzucker said. Guderjahn has also resigned as deputy chairman of the supervisory board of the group’s bioethanol unit CropEnergies .
 
CropEnergies also said its chief operating officer Marten Keil had resigned from the CropEnergies’ executive board.
 
“We now hope that the business development in the sectors involved will improve,” a Suedzucker spokesman said, adding the executives had left with the mutual agreement of both parties.
 
On April 10 Suedzucker had warned its 2015 operating profit could fall significantly because of difficult sugar and bioethanol markets in Europe.
 
Bioethanol prices have been weak because of falling grain and energy prices and slack consumption.
 
CropEnergies warned on April 10 its 2015/16 performance could range between an operating loss of 20 million euros and operating profit of 10 million.
 
CropEnergies said on Feb. 18 it had suspended production at its British unit Ensus, one of Europe’s largest bioethanol plants, because of record low bioethanol prices and the strength of the British pound against the euro.
 
Suedzucker said it would distribute Guderjahn’s responsibilities among the four remaining executive board members. Joachim Lutz has been appointed as CropEnergies CEO. (Reporting by Patricia Uhlig; Writing by Michael Hogan; Editing by David Holmes)

comments closed

Related News

December 3, 2022

AI central to Nestle’s innovation overhaul

Food & Drink

Nestle SA has accelerated its product development process by 60% since 2016, according to the company. The faster speed to market has been achieved through a restructuring of its research and development process. Now the company is investing in various forms of artificial intelligence (AI) and machine learning to further improve its R&D process and generate better results.

December 3, 2022

Takeover on the horizon? Brenntag makes preliminary indication of interest for Univar Solutions

Food & Drink

German chemicals distributor Brenntag has confirmed potential takeover talks with US rival Univar Solutions and is understood to be debating the feasibility of a potential acquisition in the coming months. Univar Solutions confirms that it has received a preliminary indication of interest from Brenntag regarding a potential transaction.

December 3, 2022

Cargill announces purchase of Owensboro Grain Company

Food & Drink

Cargill has announced the acquisition of Owensboro Grain Company, a soybean processing facility and refinery located in Kentucky. The purchase of the Owensboro-based company will support Cargill’s efforts to “modernise and increase capacity across its North American oilseeds network to support growing demand for oilseeds driven by food, feed and renewable fuel markets”.