Beet processor sells facilities
group of US beet processing facilities to American Crystal Sugar
company.
Sugar giant Imperial Sugar Company has completed the sale of a group of US beet processing facilities to American Crystal Sugar company, a co-operative based in Moorhead, Minnesota, for approximately $34 million (€34m).
The company said in a statement this week that the transaction was completed simultaneously with a parallel transaction whereby American Crystal has leased the Torrington facility to the Western Sugar Co-operative.
"We are pleased that we have been able to close this transaction in such a timely manner," said Robert A. Peiser, Imperial Sugar's president and chief executive officer.
"This transaction enhances our financial structure by enabling us to further reduce debt and lowering our working capital needs. At the same time, it allows the company to concentrate its resources in its most strategic regions of the Southeast, Texas and the West Coast," he added.
The beet facilities involved in the transaction are Sidney, Montana and Torrington, Wyoming, and its Hereford, Texas beet factory. Imperial Sugar hopes to maintain a smooth transition and, as such, will service certain Sidney and Torrington customers from its refineries in Sugar Land, Texas, Gramercy, Louisiana, and Port Wentworth, Georgia.
Imperial Sugar is a leading processor and marketer of refined sugar in the United States and a major distributor to the foodservice market. Brands include Imperial, Dixie Crystals, Holly and Wholesome Sweeteners.
