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Two soyabean oil factories shut shop in region |
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Nagpur: US-based ADM Agro has shut down two of its units in the region. The company is engaged in manufacture of edible oil. ADM Agro, which has its India headquarters at Gurgaon, had one unit in Parseoni taluka of Nagpur district and another in Akola district. The units had 67 and 134 workers respectively.
A statement issued by the company says the oilseeds market has become increasingly challenging and it has not seen adequate returns from the operations in several years. These challenges are affecting the entire industry and several other companies have had to close their plants as well. ADM Agro will be offering retrenchment compensation to the employees. It will also offer outplacement services to employees, which can help them find a suitable job elsewhere.
The company website had announced the acquisition of the Akola unit in 2011. The plant was acquired from Geepee Agri Private Limited. The units in Akola and Parseoni had soyabean crushing, refining and packaging facilities. The two plants were aimed at serving the domestic market for packaged oils and export market for soyameal. The Akola plant also had a palm oil refinery. In Maharashtra, the company has another unit at Latur, which is still operational. The other operational units are at Kota in Rajasthan and Dharwad in Karnataka.
Source : timesofindia.indiatimes.com
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