Tovarkovskiy sugar factory informed the government of the Tula region about plans to stop work due to negative financial results. This is the third sugar factory that has announced plans to close in recent times, Vedomosti reports.
Earlier, similar plans were reported in relation to the Meleuzovsky sugar factory in Bashkiria and the Nurlat sugar factory in Tatarstan. Over the past three years, average annual sugar prices have been at a level that does not allow maintaining the necessary level of profitability, said Andrei Bodin, chairman of the board of Soyuzrossahara.
The price of sugar fell by more than 1.5 times. If the situation with world and domestic prices does not change, then other plants will have to be closed, Mr. Bodin said.
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