LONDON, Nov 27 (Reuters) - Germany’s second largest sugar refiner Nordzucker expects to return to profit in 2020/21 after a major cost overhaul and plans further expansion beyond Europe after its recent investment in Australia, its chief executive said.
The company’s projected return of profitability could signal a change in fortunes for a sector which has been mired in losses since the liberalisation of the European Union sugar sector in 2017 left producers exposed to a depressed world market.
“By 2020/21, we will firmly be back in the black. This is due to our efforts to increase efficiency in all areas and reduce overhead costs across the group,” CEO Lars Gorissen told Reuters on the sidelines of an ISO sugar conference in London this week. (Reporting by Jonathan Saul; editing by David Evans)