The troubled German agricultural, construction and energy conglomerate is also putting its subsidiary Cefetra up for sale. This trading company based in the Netherlands does not seem to remain a retail subsidiary. Several interested parties have already registered, according to news agency Reuters.
Cefetra, which is located in Rotterdam, has been owned by Baywa since 2013. The company bought the company from the former Cebeco Group. The company is mainly active in grains and animal feed, but in recent years a dairy trading division has also been added. This is located in Den Bosch. This part has also had a difficult year.
The intention seems to be to sell the entire Cefetra Group. The candidates include both competitors and private equity investors. Cefetra is a world-class player, particularly in grains.
The divestment of Cefetra follows a long series of other steps to make Baywa smaller and lighter, especially with less debt. A large part of the renewable energy activities have already been sold off, or the interests in them have been minimized. In this branch of sport Baywa has suffered the biggest financial blows.
In addition, numerous other interests have been sold.
Last week, approval was given to a broad restructuring plan, which a large group of creditors finally agreed to. In many cases reluctantly. However, it is important for Baywa that these creditors keep their money in the company until at least the end of 2028. At the same time, a capital increase was decided upon.
To further illustrate the scale of the restructuring, of Baywa's 26 locations in Germany, fifteen will be closed and 1.300 full-time jobs will still have to be cut at the remaining locations.