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Tuesday, 29 May 2012

Olam International invests US$240m in Brazil sugar mill

Olam International Limited on Tuesday said it is investing US$240 million in its first sugar milling asset in Brazil.

"Olam's strategic plan for the sugar business is to build a configuration of milling assets in large sugar producing countries that have a comparative cost advantage, and invest in refining assets in large deficit-prone, consuming countries with regulated, structurally inefficient markets that offer the potential to extract high economic rents," the company said.

It is acquiring Usina Acucareira Passos SA (UAP) for 255 million Brazilian Real (US$128.8 million) and investing an additional capital expenditure of US$111.5 million over the next five years to improve its agricultural and industrial capacity and efficiency.

UAP owns and operates a sugar mill located in Passos within the state of Minas Gerais in Brazil's Centre South, with a cane crushing capacity of 1.75 million metric tonnes per annum with an output capacity of up to 200,000 metric tonnes of sugar per year.

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