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Nufarm limits manufacturing to weather pandemic blow
Jul. 2, 2020
Nufarm Australia Ltd
AustraliaFollow
AustraliaAustralia’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
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