NewsWhore
07-02-2010, 03:40 PM
An investment group led by Alfonso and J. Pepe Fanjul have agreed to acquire Tate & Lyle North American
Sugars Inc., the producer of Domino brand sugar, from Tate & Lyle plc. The Fanjuls own the Central Romana Corporation, the largest sugar producer in the DR.
As the company reported, Domino will be combined with Refined Sugars Inc., the Yonkers, New York refinery in which the Fanjuls have an interest. The combined operation will be known as Domino Sugar. Companies controlled by the Fanjuls will own 61% of Domino Sugar and Sugar Cane Growers Cooperative of Florida will own the remaining 39%.
The purchase price is US$180 million in cash and up to US$25 million payable over four years contingent on the performance of the business.
Along with the Domino brand name, the acquisition includes Domino's operations in Brooklyn, New York; Baltimore, Maryland and Chalmette, Louisiana. The combined enterprise will produce more than two million tons of refined sugar and specialty products a year and have annual revenues in excess of US$1 billion.
"Our family has been committed to the sugar industry for 150 years," said Alfonso Fanjul, chairman of privately held Flo-Sun Inc. and chairman and chief executive officer of Florida Crystals Corporation, the first vertically integrated cane sugar company in the US. "This deal will further vertically integrate our business and ensure that our customers have a reliable supply of refined sugar. Florida Crystals and Sugar Cane Growers Cooperative have always been committed to providing quality products and service; we will continue this tradition with Domino."
More... (http://www.dr1.com/index.html#13)
Sugars Inc., the producer of Domino brand sugar, from Tate & Lyle plc. The Fanjuls own the Central Romana Corporation, the largest sugar producer in the DR.
As the company reported, Domino will be combined with Refined Sugars Inc., the Yonkers, New York refinery in which the Fanjuls have an interest. The combined operation will be known as Domino Sugar. Companies controlled by the Fanjuls will own 61% of Domino Sugar and Sugar Cane Growers Cooperative of Florida will own the remaining 39%.
The purchase price is US$180 million in cash and up to US$25 million payable over four years contingent on the performance of the business.
Along with the Domino brand name, the acquisition includes Domino's operations in Brooklyn, New York; Baltimore, Maryland and Chalmette, Louisiana. The combined enterprise will produce more than two million tons of refined sugar and specialty products a year and have annual revenues in excess of US$1 billion.
"Our family has been committed to the sugar industry for 150 years," said Alfonso Fanjul, chairman of privately held Flo-Sun Inc. and chairman and chief executive officer of Florida Crystals Corporation, the first vertically integrated cane sugar company in the US. "This deal will further vertically integrate our business and ensure that our customers have a reliable supply of refined sugar. Florida Crystals and Sugar Cane Growers Cooperative have always been committed to providing quality products and service; we will continue this tradition with Domino."
More... (http://www.dr1.com/index.html#13)