A.B.F. to acquire sugar producer in Iberia
December 15, 2008
by FoodBusinessNews.net Staff
LONDON — Associated British Foods P.L.C. announced it has reached an agreement with Ebro Puleva S.A. to acquire its Spanish sugar business, Azucarera Ebro S.L.
The value of the transaction is €385 million ($523 million), and the transaction is expected to be completed in early 2009.
"The acquisition of Azucarera Ebro is an exciting development for British Sugar," said George Weston, chief executive of A.B.F. "The business enjoys a leading position in Iberia supported by modern beet factories and a new cane refinery that will benefit from our partnership with Illovo Sugar. Azucarera Ebro and its growers have enjoyed considerable support from regional governments in recent times, and we look forward to working with them in continuing to develop the business and the beet industry."
Azucarera Ebro is the leading sugar producer in Iberia and supplies 50% of the 1.6 million tones of sugar consumed there, and it will strengthen the existing E.U. operations of British Sugar.