CSR Sugar division to be renamed “Sucrogen”
CSR, Australia’s largest sugar producer, has announced that their Sugar and Renewable Energy business will adopt the name of Sucrogen as part of the proposed demerger.
Sucrogen will, however, retain the iconic CSR brand for its food and beverage sugar products in Australia and the market-leading Chelsea brand in New Zealand.
“It’s a good time to be in the sugar business and we believe the new corporate identity reflects both our strong heritage in Australia and New Zealand but also an exciting future as a stand-alone company,” said Ian Glasson, CEO of Sucrogen. “After the demerger, Sucrogen will be a focused, globally relevant sugar and renewable energy company with market-leading positions in Australia and New Zealand.”
“Sucrogen is derived from sucrose (sugar) and generation (energy) – so it very succinctly summarises what we do. The name captures our strong position in sugar but also further opportunities in renewable energy based on our sustainable operations.”
A meeting of shareholders is scheduled for February 2010 to vote on the demerger proposal. Upon shareholder and court approval of the demerger, Sucrogen will be a separately listed ASX company with its own board and management.