Saint Louis Sucre increased sugar beet guaranteed price from 2020

French sugar maker Saint Louis Sucre on Tuesday put forward its guaranteed price for sugar beet growers from the 2020 harvest and said it would invest 50 million euros ($57 million) over several years in two sugar factories.

It is reported by Reuters.

The announcements come after the sugar maker announced it would end production at two factories in France as part of a wider restructuring plan at its German parent Suedzucker , Europe’s largest sugar refiner.

Saint Louis Sucre will pay 23.92 euros ($27.23) per tonne of whole sugar beet harvested from 2020, up from 20.47 euros paid for the 2018 crop, the company said in a statement. This amounts to 25.70 euros per tonne of topped beet, it said.

The price would apply to 70 percent of farmers’ harvest with the rest linked to Suedzucker sugar prices, it said.

The group also said it will invest 50 million euros in its Etrepagny and Roye sugar factories to help further strengthen the performance of the two factories, particularly in terms of energy. It did not give a precise timetable for the investments.