The troubled German agro, 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 shelf company. Several interested parties have already signed up for it, as reported by Reuters.
Cefetra, located in Rotterdam, has been owned by Baywa since 2013. Baywa acquired it from the former Cebeco Group. The company is mainly active in grains and animal feeds, but in recent years, a dairy trading division has also been added. This division is located in Den Bosch. This part has also had a difficult year.
It seems the intention is to sell the entire Cefetra Group. The interested parties appear to include both competitors and private equity investors. Cefetra is particularly a global player in the grains market.
The divestment of Cefetra follows a long series of other steps to make Baywa smaller and lighter, especially with less debt burden.
A large part of the renewable energy activities has already been divested, or the interests in them have been minimized. Baywa has suffered the biggest financial losses in this area.
Additionally, numerous other interests have been sold off.
Last week, approval was given for a broad restructuring plan, which a large group of creditors ultimately agreed to, albeit reluctantly in many cases. For Baywa, it is important that these creditors keep their money in the company at least until the end of 2028. At the same time, a capital increase has been decided upon.
To get an idea of the scale of the restructuring: out of the 26 Baywa locations in Germany, 15 will be closed, and 1300 full-time jobs will be cut in the remaining parts.
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