Sugar joint venture one step closer

Posted by Nicole Eckersley on 17th June 2010

A joint venture between The Maryborough Sugar Factory and Bundaberg Sugar is one step closer, with a green light from the Foreign Investment Review Board.

The 50/50 joint venture would include the far north Queensland sugar cane milling operations of both parties.

“We now look forward to completing this transaction and having the joint venture ready for the 2011 sugar crushing season. This joint venture is a critical element in our efforts to consolidate sugar milling operations in Far North Queensland and allow investors to derive benefits from the growing demand out of Asia for raw sugar,” said MSF CEO Mike Barry.

The final hurdle for the joint venture – approval from the Australian Competition and Consumer Commission – is expected by the end of June.