Hebei Lansheng Biotech Co., Ltd.
Beijing Multigrass Formulation Co., Ltd.

Nufarm limits manufacturing to weather pandemic blowqrcode

Jul. 2, 2020

Favorites Print
Jul. 2, 2020

Australia’s Nufarm Ltd said on Tuesday it would cease making insecticides and fungicides at its local site and reduce herbicide manufacturing in Austria, less than a month after warning of sluggish demand due to the coronavirus outbreak.

The agricultural chemicals maker had highlighted the pressure on its European business, where it was facing weaker demand and logistical challenges.

The Melbourne-based firm said its Raymond Road site in Australia, where it manufactures insecticides and fungicides, will be closed and sold over the next 18 months.

Nufarm expects to generate core earnings of up to A$15 million ($10.3 million) per year on implementation of the initiatives.

The company said one-off cash costs of A$25 million related to the restructuring will be partially offset by proceeds from the future sale of its Australian property.

$1 = 1.4592 Australian dollars

Reporting by Shriya Ramakrishnan

Source: Reuters

Picture 0/1200

More from AgroNews


Annual Review 2020 2020 India Pesticide Suppliers Guide
2020 Market Insight Chinese issue of 2020 Market Insight
2020 CRO & CRAO Manual Chinese issue of 2020 Biologicals Special
I wanna post a press Comment


Subscribe Email: *
Mobile Number:  


Picture 0/1200

Subscribe to daily email alerts of AgroNews.