EDITORIAL: No quick fixes for Tongaat Hulett
Huge task awaits Gavin Hudson's new team, and shareholders should prepare for the long game
The national and regional governments have made it clear to the new executive team at Tongaat Hulett: failure is not an option. The good news, for the hundreds of thousands of people whose livelihoods are dependent on a thriving sugar industry, in which Tongaat Hulett plays a major role, is that the new team agrees.
Failure in this context would see one of the biggest employers in KwaZulu-Natal tip over the brink, one to which it was brought by several years of mismanagement. No doubt, as the new team pointed out in a recent engagement with sugar farmers, drought and imports helped drive Tongaat closer to that brink. An unprecedented confluence of events made the past decade one of the toughest in this company’s 127-year history...
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