InterAgro Group to close down last two chemical plants in early April

InterAgro Group, controlled by businessman Ioan Niculae, announced on Tuesday that it would close down the chemical plant in Turnu Magurele from April 1 and on April 8 the one in Slobozia. These were the last of the six plants controlled by the group which were included in the shutdown program. “InterAgro Group communicates that, according to the schedule established in November 2010, from April 1 it will close down the chemical plant from Turnu Magurele, belonging to the company Donau Chem SRL”, wrote a statement issued by the group. InterAgro Group informed earlier this year that it decided to close four other chemical plants between February 15 to April 30 this year, after having announced at the end of 2010 its plans to close two others. According to InterAgro officials, one of the main reasons for shutting down these chemical plants was the lack of a strategy on the energy and natural gas segments. Natural gas is the raw material for these factories. InterAgro Group estimates for 2010 a turnover increase of 39 percent, up to EUR 1 billion, compared to EUR 720 million in 2009. Irina Popescu, irina.popescu@romania-insider.com