Germany's Nordzucker, a leading European sugar producer, said it has sold for an undisclosed sum its 51% stake in four sugar refineries in Serbia to a Serbian partner MK Grupa, SeeNews reported.

Nordzucker entered the Serbian market in 2006, teaming up with MK Grupa to set up Sunoko, a Novi Sad-based joint venture that runs sugar factories in Bac, Vrbas, Pecinci and Kovacica.

"Our analysis of the economic prospects of our Serbian trade investment revealed no change for the better in the foreseeable future. The raw material situation in particular is less than satisfactory. We therefore took the logical step of selling our participation," the director responsible for Nordzucker's Eastern Europe Division, Niels Poerksen, said in the statement.

The German concern ran into financial problems in early 2009 after acquiring Danish manufacturer of sugar and bioethanol Danisco, Belgrade-based media reported in February.