The company that knew how to lead the dairy business
It is nothing new that problems abound in SanCor. To such an extent, they are delaying the sale of this cooperative, which was a leader in the dairy sector and is crucial in the interior with its 16 plants, mostly in Cordoba, some in Santa Fe and almost all in villages that live from the company . It also has three distribution centers and 4,000 employees in a dependency relationship. The only buyer in the race is Adecoagro who knows from the beginning that the biggest obstacle is in sight and is his bulky debt. But, as the negotiations progress, they say, other smaller inconveniences appear and that they also attract the attention of potential buyers, who are precisely not small. Born in 2002 when the Hungarian-American financier George Soros bought the Perez Companc agricultural firm, Adecoagro grew to such diverse activities in the region as sugar, ethanol, bioelectricity, rice, milk, corn, soy, wheat, sunflower. Soros is no longer there and Adecoagro is listed on the New York Stock Exchange and employs 8,000 people directly. He added his assets to firms such as Pilagá that expanded their productive capacity.
Those who follow closely what is already a long negotiation with SanCor, point out that Adeco Agro continues to work, refreshing old conversations and looking for alternatives such as not to keep the whole cooperative but with some of its plans. “They are risking a lot and are rational fears in operations of this magnitude,” said a banker who does not lose footprint.
The liabilities of Sancor include from the debt with the personnel, with the dairymen (who entered into an Extrajudicial Preventive Agreement) and with the AFIP. Only in that preventive agreement accumulate $ 11,500 million. The tax debt adds another $ 4,000 million. And there are credits for US $ 80 million with Buenos Aires Factoring that acted as financier of the operations of the cooperative with Venezuela. That debt accelerated the crisis of the dairy company due to arrears in the country of Nicolás Maduro.
In turn, the cooperative has not invested for a while and there are numerous lines with technological obsolescence. To which are added disadvantages to continue operating as there are few who deliver the raw material unless it is paid in cash.
The SanCor crisis broke out in early 2017 and did not grow in severity due to government disbursements. There was a tug-of-war with the union and the government seized Ignacio Werner, a low-profile 32-year-old lawyer, expert in the management of firms on the verge of bankruptcy, who reported directly to former minister Francisco Cabrera and who was confirmed yesterday by Dante Sica. SanCor continues under the baton of its current general manager, Marcelo Gornati.
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