Associated British Foods invests in China’s beet sugar industry
Dated: 28 August 2007
International food and ingredients group, Associated British Foods said it has reached agreement with the Hebei Tian Lu Sugar Group to form a joint venture that will help to improve beet sugar production and boost yields of the Chinese sugar industry.
The formation of the joint venture, to be called Bo Tian, is subject to government approval with clearance anticipated by the end of September. Associated British Foods said it will contribute some £70m (US$141m) to fund plans for future development and expansion and will hold a 51 percent share while, Tian Lu will hold the remaining 49 percent of the joint venture.
“There is a major opportunity to improve beet yields by the application of British Sugar’s European beet sugar expertise through better agricultural practices and technology transfer,” according to a press statement from Associated British Foods. “In addition, refinery capacity will be increased through investment and efficiency improvements.”
The Chinese beet sugar industry is centered in the north-east where the provinces have abundant high quality arable land with ideal weather conditions to produce high sugar content in the beet.
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