The firm that produces and markets agricultural inputs, Surcos, cannot get out of its labyrinth. After the default and the embargo for more than US$7.5 million decreed by the justice system, it decided to initiate a preventive crisis procedure with which it seeks to reduce its workforce.
According to the firm’s board minutes sent to the National Securities Commission, this decision seeks to “reduce its cost structure in order to preserve its operation and ensure its financial stability.” In In short, the company wants to carry out layoffs among its workforce protected by the serious economic situation it is going through.
Now it will be the Ministry of Labor that will have the last word, because if it accepts the crisis preventive measure, the firm led by the Calvo family will be able to fire employees, but paying much lower compensation than what would be required by law.
The current situation of Surcos was triggered after the failure to make payments on stock market notes and a marked drop in sales, in line with the general contraction of the phytosanitary market.. Last November, the firm attempted to renegotiate its financial commitments, but only reached agreements for 30% of the outstanding amounts. The situation worsened in December, when it announced that it would not be able to meet its remaining commitments.
More specifically, the firm reported that it was not in a position to pay the stock market notes for US$3.5 million and $9,364 million, whose maturities operate between December 2024 and June 2025. Additionally, the company reported that it is evaluating the rest of the instruments issued in search of a comprehensive solution.
The truth is that The current panorama of the company is more than complex because since it went into default, not only was it criminally reported by the National Securities Commission (CNV) for alleged deception of investors and it is being investigated whether it falsified its balance sheets, but it is also facing a considerable drop in sales and distrust in the entire sector. agricultural.
Surcos is a company with Argentine capital dedicated to the development, production and marketing of inputs for the agricultural sector, mainly those related to crop protection such as herbicides, insecticides and fungicides.. The company’s distinctive factor is the development of phytosanitary products with nanotechnology that allow greater efficiency of the active components, reducing the environmental impact.
Currently, the company has two production plants: one in Florencio Varela, Buenos Aires, specialized in high-tech and low-volume solutions, and another in Recreo, Santa Fe, intended for higher volume products.
With a network of 14 warehouses and 10 distribution centers in strategic points of the country, the company also exports to markets in the region, such as Uruguay, Paraguay, Bolivia and Colombia. Its portfolio includes more than 100 products, standing out in the formulation of herbicides, which represent 70% of its sales.
Source: Ambito
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