Polish Sugar Business Sold

Associated British Foods (ABF) has sold its Polish sugar business to Pfeifer & Langen for an estimated £120 to £130m.

The sale of British Sugar Overseas coincides with the opening up of EU sugar trade later this year and comes months after the ABF purchased Spain’s largest sugar producer Azucarera Ebro.

The Polish sugar business produces over 150,000 tonnes of sugar and has gross assets totaling £200m, according to ABF.

CEO George Weston said, “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.

“We still expect little change in earnings for the full year as the increase in operating profit will be broadly offset by a higher interest charge.”