SOUTH AFRICA: Illovo to invest US$782 million for expansion
Published: 02/08/2010, 3:55:19 PM
Illovo Sugar plans to spend about ZAR6 billion (US$782.2 million) over the next five years to boost sugar production in Africa to 2.5-2.7 million tonnes from 1.7 million, according to South Africa's Business Day newspaper.
Illovo, a unit of Associated British Foods and Africa's biggest producer of the sweetener, also plans to rationalise its operations in South Africa due to a drop in land available for sugar cane production, the newspaper said.
Quoting managing director Graham Clark, the paper said the company had set a target of a minimum 20% return on its investments to achieve the expansion.