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Czech Republic - Adex Agro Goes Bust.

10 August 2007

CZECH REPUBLIC - Adex Agro, the Czech Republic's largest turkey meat processor, has gone bust, according to the CTK news agency, citing company sources.

The company produced up to 8,000 tonnes of packed meat and 3,000 tonnes of other meat product each year. Adex Agro, which employs 120 people, has excessive debts, say reports. Claims of more than 200 creditors are said to total around CZK120 million (USD5.83 million).

Adex Agro would have to process at least 400 tonnes of meat (equivalent to more than 22,000 live turkey hens) each month in order to survive. In January 2006, it processed 578 tonnes, but this figure fell to 337 tonnes in December 2006 and to 57 tonnes in January this year.

The company has been in the hands of the Agrokrocan association of turkey breeders since July 2004. Its predecessor, Adex Tachov, went bust in 1999 because of debts.

The report of the bankruptcy has not been confirmed directly with Adex Agro.

ThePoultrySite News Desk

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