Cukrovary a lihovary TTD History
The modern history of Cukrovary a lihovary TTD, a. s. begun on 30 December, 1990, when an independent company – “Cukrovar a rafinerie cukru, s. p.” was founded. At the same time that the above state-owned company was created, its privatization was under preparation. This endeavour was completed on 1st May, 1992, by the incorporation of “Cukrovar a rafinerie cukru Dobrovice, a. s.”. The name was slightly changed in 1993, when the “TTD” acronym was included as a reminder of the original owners – the Princes of Thurn-Taxis.
Simultaneously, negotiation with foreign investors was taking place and resulted in mutual understanding and close relationship with the French Union SDA, Origny sugar company (today’s Tereos). By purchasing shares from the National Patrimony Fund in August, 1992 and then newly issued shares, the French sugar- and alcohol-producing company mainly owned by sugar beet growers brought the expected and necessary know-how to the Dobrovice factory. The first Annual General Meeting held in March 1993 passed an increase in share capital by both the above French company and the European Bank for Reconstruction and Development whose interest was subsequently taken over by the German Nordzucker, A. G. sugar company.
A first step in the Czech sugar industry restructuring the like of which had never happened before and would not happen again was made by TTD by purchasing shares of Pražská cukerní společnost from the National Patrimony Fund in July, 1996. By taking control of Pražská cukerní společnost, the Company achieved a roughly 20% share of the Czech sugar market.
The second step was the takeover of Česká cukerní, a. s. (České cukrovary) in August, 1997, which brought the Company market share to more than 45%. This gave rise to a group of 14 working and 13 closed-down sugar factories, 1 working distillery (Chrudim), several centres, many field beet-purchasing stations and other useless property. It was clear that the group would not be able to operate properly in this configuration. Seven sugar factories closed down immediately after the first common campaign in 1997/1998, four others in the following year. Three sugar factories remained: České Meziříčí, Dobrovice and Mělník where sugar production was also discontinued after the 2003/2004 campaign.
The last major step was the legal merger, in 2002, of Pražská cukerní společnost and Cukrovary a rafinerie cukru TTD. The Board of Directors then decided to change the Company name to “Cukrovary TTD, a. s.”, which was done in July of the same year. To increase its sugar production quota and pursue its restructuring effort, the Company took over, in April, 2006, Manolis, a. s. operating the Vrdy sugar factory, closed down after the 2005/2006 campaign.
In 2007, Cukrovary TTD, a. s. merged with Lihovar Chrudim, a. s., its fully controlled affiliate, and the sugar and alcohol producing group was renamed again to Cukrovary a lihovary TTD, a. s.
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