Paris: Tereos, France’s leading producer of sugar and ethanol, has agreed to sell factory complex in northern France to Agristo, a manufacturer of French fries, reports Reuters.
This decision comes after Tereos’ announcement in March of its intention to cease sugar production at the site.
Belgium-based Agristo plans to infuse an investment of approximately 350 million euros ($378.4 million) to develop a new factory for potato-based products. This facility will replace the existing sugar processing plant. A representative from the ministry shared these details with journalists ahead of a formal signing ceremony that will be graced by Industry Minister Roland Lescure.
The exact financial terms of the transaction have not been disclosed.
According to the Tereos, its decision to end production at Escaudoeuvres, which will affect 123 jobs, was due to a drop in sugar beet supply from local farmers.
