Hungary to return 50% of its sugar quota to the restructuring fund

Sights

This move would result in a pro rata reduction in the sugar quota held by both the Nordzucker subsidiary Mátra Cukor Zrt and the AGRANA subsidiary Magyar Cukor Zrt.

In the course of the latest reform of the EU sugar market regime, talks are currently taking place in Hungary between sugar beet growers, the Ministry of Agriculture and the sugar industry, with the goal of returning 50% of Hungary’s sugar quota to the restructuring fund. This step, and the associated compensation payments to farmers, is aimed at safeguarding the sugar beet supply for the remainder of the Hungarian quota.

This move would result in a pro rata reduction in the sugar quota held by both the Nordzucker subsidiary Mátra Cukor Zrt, and the AGRANA subsidiary Magyar Cukor Zrt. Given that the remaining volume of sugar available to AGRANA is no longer sufficient for the economical utilization of two refineries, AGRANA intends, subject to the appropriate board resolutions, to concentrate its Hungarian refining activities at the Kaposvár facility in order to make production as efficient as possible. A redundancy scheme is being worked out for around 140 employees affected by the restructuring of the second Magyar Cukor refinery at Petőháza. (foodingredientsfirst.com)

ADVERTISEMENT

Consumer price levels below EU avg in 2020 Analysis

Consumer price levels below EU avg in 2020

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Breast cancer screening at Dr. Rose Private Hospital Interview

Breast cancer screening at Dr. Rose Private Hospital

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.