InterAgro to close down four fertilizers factories by April

Romanian group InterAgro, owned by local investor Ioan Niculae, has decided to close down four of its fertilizers factories until April this year, after having announced plans to close down two more at the end of last year. The factories are located in Savinesti, Bacau, Turnu Magurele and Slobozia. Work has already been stopped in Fagaras and in Victoria. Most of the staff has been laid off. The decision to close down these factories was triggered by the increase in production costs. The cost of natural gas- the raw material for producing fertilizers- makes 70 percent of the total costs, while revenues are linked to the international quotation of fertilizers, which has triggered losses for the factories, according to InterAgro. The acquisition price of natural gas grew by 55 percent since October last year, according to the company. InterAgro was processing natural gas in six factories: Donau Chem Turnu Măgurele, Chem Gaz Slobozia, GA-PRO-Co Piatra Neamţ, Amurco Bacău, Viromet Victoria and NitroPoros SRL Făgăraş. editor@romania-insider.com