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Nordzucker to buy Australia's Mackay Sugar

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Staff Writer | February 11, 2019
Acquisition   The growth in sugar is taking place in regions outside the EU

Germany's second largest sugar refiner Nordzucker said on Friday it had agreed to purchase 70% of Australia's Mackay Sugar Limited, giving it access to Australian and wider Southeast Asian markets.

Nordzucker said in November it was in talks to buy Mackay as part of the German company's international expansion.

"The growth in sugar is taking place in regions outside the EU," said Nordzucker CEO Lars Gorissen in a statement.

"By acquiring a stake in Mackay Sugar, we can secure a substantial share of the Australian market and gain access to the Southeast Asian market."

Nordzucker will contribute equity capital totalling 60 million Australian dollars (€68.5 million) for the 70% shareholding, Nordzucker said.

Mackay Sugar will also receive an additional loan of up to 60 million Australian dollars.

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