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US concern buys sugar plants in Bulgaria

February 17, 2014


ASR Group intends to buy two of Bulgaria’s sugar refineries owned by Litex Commerce. The American giant is in an advanced stage of negotiations with the sugar plants in Burgas and Devnya. The two refineries are built with a production capacity 260 000 and 160 000 tons per year respectively. If the deal is successful the investor would be able to produce over 2.5 million tons in Europe. The sugar sector on the continent is in a process of restructuring as a result of the regulation the EC adopted for dropping the quotas for trade after 2017. At the moment the Bulgarian market sells the cheapest sugar.