ABF announces the sale of its Polish sugar operations
11 August 2009
Associated British Foods plc ("ABF") the international food, ingredients and retail group, has today announced that it has reached agreement to sell its Polish sugar business, British Sugar (Overseas) Polska SP. z.o.o. (“BSO Poland”), to Pfeifer & Langen Polska S.A. (“Pfeifer & Langen). Completion of the transaction is subject to regulatory approval and is expected to occur in late 2009.
BSO Poland was formed in 1989 when British Sugar acquired an interest in two state-owned sugar factories. The business has grown since then having operated as many as ten factories which have now been integrated into a single efficient manufacturing facility at Glinojeck. Producing over 150,000 tonnes of sugar, BSO Poland is currently the fourth largest sugar producer in Poland. BSO Poland’s gross assets were £200m as at 31 August 2008.
In recent years, British Sugar has pursued a strategy of focusing on markets where it is able to build market-leading positions and obtain significant synergies from its global operations. It acquired Azucarera Ebro, the leading sugar producer in Iberia, in April 2009.
George Weston, Chief Executive of Associated British Foods, said:
“We are extremely proud of the development of our Polish sugar business. I would like to thank the employees for their hard work and wish them all the best for the future.
Our market-leading positions with British Sugar in the UK and Azucarera Ebro in Iberia combine to give us a strong presence in the rapidly-consolidating EU sugar market.”
For further enquiries please contact:
Associated British Foods
John Bason, Finance Director Tel: 020 7399 6500
Citigate Dewe Rogerson
Jonathan Clare, Chris Barrie, Hannah Dean Tel: 020 7638 9571