PARIS (Reuters) – Tereos, the French sugar and ethanol group, has sealed an agreement with grain cooperative Axereal to sell its stake in their malt business and is consulting unions on a plan to close its sugar activities in Romania, it said in a document to investors.

Tereos, the world’s second largest sugar producer by volume, has undertaken a wide ranging review of its businesses after a top management reshuffle in late 2020. The new team, which had expressed concern about the group’s high debts, made deleveraging one of its top priorities.

(Reporting by Sybille de La Hamaide. Editing by Jane Merriman)