April 18, 2019 / 2:59 PM / 9 months ago

Sugar maker Cristal Union says to shut two factories in France

PARIS, April 18 (Reuters) - Cristal Union, France’s second-largest sugar group, said on Thursday it plans to close two sugar factories by 2020 as it anticipates global oversupply will continue to pressure prices.

Cristal Union will close its sugar factory located in Bourdon in Central France and halt output in Toury, southwest of Paris, Cristal Union Chief Executive Alain Commissaire told Reuters.

The cooperative will also reduce activity at the Erstein packaging factory in Alsace.

The sugar industry has been in turmoil since the European Union scrapped production and export quotas in 2017, prompting many producers to boost output just as sugar prices collapsed under pressure from large world stocks.

Commissaire said Cristal Union had recorded a loss of 99 million euros ($111 million) in its 2018/19 year to Jan. 31 due to a poor sugar beet crop and low sugar prices. (Reporting by Sybille de La Hamaide, editing by Gus Trompiz)

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