Wilmar Acquires Sucragen
7 July 2010 SINGAPORE — The world’s largest processor and seller of palm oil, Singapore-based Wilmar International, has entered into an agreement to buy Australia’s largest sugar producer, Sucrogen, a unit of Sydney-based CSR, according to a Wilmar press release. Wilmar’s last minute bid of approximately $1.472 billion beat China’s Bright Food Group, which had been trying to buy Sucrogen during the last year. In the deal for CSR’s Sugar and Renewable Energy business, Wilmar will assume Sucrogen’s net debt of approximately $340 million.
Wilmar is Asia’s leading agribusiness group, with more than 300 processing plants and operations in more than 20 countries across four continents. It’s main focus is on Indonesia, Malaysia, China, India and Europe. Sucrogen is the world’s eighth largest raw sugar producer and second largest exporter, owning seven mills with the capacity to produce 2.1 million metric tonnes of raw sugar annually. The company is also the largest renewable energy generator from biomass and Australia’s second largest producer of fuel ethanol, and produces additional sugar byproducts such as molasses.
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