UK markets closed
  • FTSE 100

    7,208.81
    +188.36 (+2.68%)
     
  • FTSE 250

    19,123.71
    +430.73 (+2.30%)
     
  • AIM

    896.27
    +10.41 (+1.18%)
     
  • GBP/EUR

    1.1618
    -0.0028 (-0.24%)
     
  • GBP/USD

    1.2270
    +0.0009 (+0.07%)
     
  • BTC-GBP

    17,693.42
    +208.32 (+1.19%)
     
  • CMC Crypto 200

    462.12
    +8.22 (+1.81%)
     
  • S&P 500

    3,911.74
    +116.01 (+3.06%)
     
  • DOW

    31,500.68
    +823.32 (+2.68%)
     
  • CRUDE OIL

    107.06
    +2.79 (+2.68%)
     
  • GOLD FUTURES

    1,828.10
    -1.70 (-0.09%)
     
  • NIKKEI 225

    26,491.97
    +320.72 (+1.23%)
     
  • HANG SENG

    21,719.06
    +445.19 (+2.09%)
     
  • DAX

    13,118.13
    +205.54 (+1.59%)
     
  • CAC 40

    6,073.35
    +190.02 (+3.23%)
     

Avril's French egg business Matines to close

·1-min read

PARIS (Reuters) - Matines, the egg business of French agri-food group Avril supplying 16% of eggs sold in French supermarkets, is winding down its loss-making activities after failing to find a buyer, potentially resulting in 114 job cuts, it said on Thursday.

A surge in grain prices - the main cost for feeding laying hens - strong competition and difficulty in passing on rising costs to clients were among the main reasons for the company's recurrent losses over the past years, a Matines spokesperson said.

Avril, a group created by oilseed farmers to develop their market, said last year it wanted to sell its animal processing units to focus on its plant-based businesses, which also include biodiesel, edible oil brand Lesieur and animal nutrition.

It sold its majority stakes in two pork firms to meat group Bigard in January but could not find a buyer for Matines able to ensure sustainable activities and jobs, it said.

Matines employees and unions were told about the decision on Thursday. The full stoppage of the company could happen in September, either by a sale or the closure of its units.

The company used to sell about 900 million eggs per year out of the 5.5 billion sold in French supermarkets, the spokesperson said.

Matines has already received a commitment to take over its packaging center through its animal nutrition branch Sanders, it said.

(Reporting by Sybille de La Hamaide; Editing by Jan Harvey)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting