Business

Sugar deal sweetens the tooth for Valley mills

Sunshine Sugar-Manildra deal is sweet for local sugar mills.
Sunshine Sugar-Manildra deal is sweet for local sugar mills. Adam Hourigan

THE recent Sunshine Sugar-Manildra deal has already led to a major export deal with a Japanese company.

The Manildra Group bought half of Sunshine Sugar's milling operations on July 1, winning the backing of 83% of the cooperative's growers.

Manildra-Harwood Sugars CEO Chris Connors said the Japanese business representatives met growers at Broadwater, where they were shown new varieties of cane and shared a barbecue.

"The deal is a positive restructure," Mr Connors said.

"It's beneficial right across the board and the banks see it is a positive move.

"The deal increases our borrowing power and allows us to present as one unit from grower to milling."

Mr Connors said joining with an Australian-owned company like the Manildra Group let them present a better story to their customers.

The Manildra Group started as a single flour mill and is now a privately-owned, billion-dollar company.

Mr Connors said 83% of the vote was a positive result.

"However, there were still growers who had concerns and we need to recognise that."

Manildra Group general manager Peter Simpson said he was looking forward to continuing to work with Sunshine Sugars.

"We are the only manufacturer of locally produced, certified sustainable, raw and refined sugar products and they are credentials that the business is very proud of," Mr Simpson said.

"The merger flies in the face of the trend in the Australian Sugar industry where overseas companies now own the major part of the industry.

"It is a far cry from the conflicts occurring in Queensland and we are looking forward to developing this relationship further."

New South Wales Sugar chairman Ian Causley, who is also the new Sunshine Sugar chairman, said the transaction formed part of Sunshine Sugar's overall business plan.

"The principles that have been adopted across our business of teamwork, integrity, excellence, accountability and safety, which were developed by our people, form the basis of all we do," Mr Causley said.

Topics:  deal exports finance sugar



A piece of Clarence Valley heritage up for grabs

The historic house \"Ravensford\" located at 36 Villiers St in Grafton is currently on the market at McKimms Real Estate.

Take a look inside iconic home 'Ravenford'

Urban beauty around every corner in Dunedin

The portrait room of the Toitu Otago Settlers Museum in Dunedin.

Explore the many nooks and crannies of New Zealand destination

Local Partners

Un-American tale makes Lion weakest link in Oscars line-up

PSYCHOLOGY researchers find US films and actors most likely to win accolades at the Oscars.

Living End, Grinspoon stars hit stage for American Idiot

Chris Cheney of The Living End stars in the Australian production of Green Days musical American Idiot at Brisbane's QPAC Theatre.

TAKE a look behind the scenes of Green Day's American Idiot musical

Samuel L Jackson dismisses La La Land ahead of Oscars

Ryan Gosling and Emma Stone in a scene from the movie La La Land.

Hollywood actor and Oscars voter says Denzel should win top gong

Former Family Matters stare accused of child abuse

Reginald VelJohnson, left, and Darius McCrary arrive at the TV Land Awards on Sunday, April 19, 2009 in Universal City, Calif.

Darius McCrary has been accused of child abuse

Bindi Irwin's birthday tribute to her dad

Bindi Irwin

Bindi Irwin has paid tribute to her dad on his 55th birthday

Reality TV show gives Maryborough a boost

*WARNING EMBARGOED until 9.15pm Monday January 30* Sean Hollands and Susan Rawlings pictured after their wedding on the TV series Married At First Sight. Supplied by Channel 9.

Maryborough looks good on reality TV show.

The trick homeowners are using to buy more properties

Chantelle Subritzky leaves her home each week for Airbnb guests.

Queenslanders are going down this path to help pay their mortgages

Stunning home blends South Pacific beauty with Orient style

Immaculate residence with two outdoor living areas

Historic home 'Fairweather' up for action

Fairweather

Historic property owned for last 35 years up for sale

A piece of Clarence Valley heritage up for grabs

The historic house \"Ravensford\" located at 36 Villiers St in Grafton is currently on the market at McKimms Real Estate.

Take a look inside iconic home 'Ravenford'

$140k damage: landlord says property trashed, contaminated

He had what he calls "the tenants from hell"

Ready to SELL your property?

Post Your Ad Here!