BERLIN (dpa-AFX) - Shares of CropEnergies AG were gaining around 14 percent in the morning trading in Germany after the manufacturer of Ethanol or alcohol Wednesday said it is expanding the production volumes of alcohol to meet the requirements for disinfectants amid the Coronavirus or Covid-19 outbreak.
The affiliate of German sugar producer Suedzucker AG (SUEZF.PK) said it currently produces about 1 million litres of alcohol a day at the Zeitz location in Germany alone, enough to close the current supply gap.
CropEnergies produces sustainably produced technical ethanol as well as specially purified, drinkable neutral alcohol for pharmaceutical applications, cosmetics or beverages.
The company noted that the production of neutral alcohol is reaching the limits of its capacity throughout Europe. The German authorities have approved technical alcohol for use in disinfectants, subject to certain quality requirements, as in France and Austria.
The company said its technical alcohol meets these quality requirements and is therefore suitable as a basic ingredient in disinfectants.
Joachim Lutz, Chief Executive Officer of CropEnergies, said, 'This means that sufficient quantities of technical alcohol are now available as a main component for the production of disinfectants which are urgently needed in the German health system, for example in hospitals or doctors' practices.'
CropEnergies said it also also asking customers outside the disinfection market to make arrangements in the current situation.
In Germany, CropEnergies shares were trading at 8.06 euros, up 13.5 percent.
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