Sugar giant Sucrogen today announced an agreement to buy the Proserpine Co-operative Sugar Milling Association Limited (PCSMA) for $115 million dollars. The move will increase Sucrogen’s throughput capacity to 17 million tonnes of cane, and raw sugar production to 2.2 million tonnes. Proserpine also produces molasses and exports electricity as well as recently investing in facilities to manufacture and market furfural, a globally traded industrial chemical used in solvent extraction, foundry... ...Read more »

Food giant Unilever switched off lights and electrical equipment in all its office sites across Australia and New Zealand in support of Earth Hour on Saturday, in addition to encouraging its employees to do the same at home. “In line with our commitment to creating a more sustainable future, Unilever is once again proud to support Earth Hour in 2011” said Sebastian Lazell, Chairman Unilever Australia and New Zealand. “We believe that small steps can make a big difference and we encourage... ...Read more »

CSR Limited announced today that it has successfully completed the sale of Sucrogen to Wilmar International for a total payment of $A1.843 billion. The underlying enterprise value of Sucrogen remains at A$1.75 billion with the increase accounted for in the Purchase Price Adjustment to reflect CSR’s funding of Sucrogen since 1 April 2010. “The transaction marks a significant milestone in the 155 year history of CSR,” said CSR Chairman, Dr Ian Blackburne. “The transaction completes the separation... ...Read more »

Mahalia Layzell, of Mahalia Coffee, in Robe, South Australia, scooped the top gong at the 2010 CSRTM Sugar Golden Bean Roaster Competition and Conference held this weekend in Port Macquarie (NSW), roasting the opposition in the one of the biggest coffee roasting competitions in the world. This year’s competition saw 1000 entries from across Australia, the largest in the event’s history, requiring two full days for judging alone. The introduction of two new categories also marked the... ...Read more »

Federal Treasurer Wayne Swan yesterday announced the Foreign Investment Review Board’s approval of the sale of CSR Ltd’s sugar and renewable energy business, Sucrogen, to Singaporean food giant Wilmar International. “I have taken account of Wilmar’s ambitious growth plans for Sucrogen.  These include the expansion of the company’s Australian operations by providing better access for its sugar products to growth markets in Asia, and jointly developing refining facilities... ...Read more »

CSR Limited announced yesterday that the sale of Sucrogen to Singaporean food giant Wilmar International would be delayed, with the Foreign Investment Review Board issuing an interim order extending the review by up to 90 days due to the timing of the Federal election. Wilmar International made a successful bid for Sucrogen at $1.75 billion, trumping China’s Bright Food Group’s conditional offer at the same price. The third option, a demerger, was also ruled out by CSR, despite their... ...Read more »

CSR’s newly-sold sugar and renewable energy business, Sucrogen, through its joint venture, Sugar Australia, has signed an Agreement with GLG Life Tech Corporation for the distribution and marketing of its stevia extract products as an ingredient to the food and beverage sector.The distribution agreement covers the food and beverage sectors in Australia, New Zealand, Singapore and the Pacific Islands. Sugar Australia is the leading sugar refiner in Australia operating across multiple business... ...Read more »

CSR Limited has announced the sale of its newly spun-off sugar business, Sucrogen, to Singaporean agribusiness giant Wilmar International, for A$1.75 billion, rejecting previous offers from China’s Bright Food Group, including a conditional offer at the same amount. The company has also rejected its preferred option, a demerger, despite winning an appeal which would green-light the project. “The sale of Sucrogen to Wilmar achieves CSR’s objective of separating its two very different... ...Read more »

The Foreign Investment Review Board has delayed its decision on whether the proposed acquisition of CSR’s sugar unit, Sucrogen, by China’s Bright Food Group will be allowed to proceed. Bright Food Group issued a conditional bid of A$1.75bn (US$1.45bn) for the business, but CSR has since successfully appealed against the blocking of its preferred option – a demerger. The FIRB said that it will block any deal for 90 days from 19 May in order to further consider the offer. just-food... ...Read more »

Australian conglomerate CSR Ltd saw its profits boosted by improved earnings in its sugar business for the full-year. The sugar and building materials conglomerate reported a 29% rise in underlying full-year profit yesterday (12 May) to A$173.4m (US$155.4m), while pursuing two options for splitting its business. The firm is currently in talks over the future of its Sucrogen sugar and renewable energy business after a revised bid from Chinese suitor Bright Food, while also moving ahead with plans... ...Read more »