CSR announces new name for demerged Sugar business - Sucrogen
CSR Limited announced today that its Sugar and Renewable Energy business will adopt the new name of Sucrogen as part of the proposed demerger.
Sucrogen will be the new corporate identity which comprises CSR’s current marketleading positions in raw and refined sugar in Australia/New Zealand and renewable energy in ethanol and cogeneration of electricity.
Sucrogen will retain the iconic CSR brand for its food and beverage sugar products in Australia and the market-leading Chelsea brand in New Zealand.
“It’s a good time to be in the sugar business and we believe the new corporate identity reflects both our strong heritage in Australia and New Zealand but also an exciting future as a stand-alone company,” said Ian Glasson, CEO of Sucrogen.
“After the demerger, Sucrogen will be a focused, globally relevant sugar and renewable energy company with market-leading positions in Australia and New Zealand.”
“Sucrogen is derived from sucrose (sugar) and generation (energy) - so it very succinctly summarises what we do. The name captures our strong position in sugar but also further opportunities in renewable energy based on our sustainable operations. ‘Gen’ also reflects our philosophy of being the new generation - leading the way in sugar and renewable energy,” he said.
CSR expects to release the demerger scheme booklet soon, subject to Court approval of the booklet being sent to shareholders.
A meeting of shareholders is scheduled for February 2010 to vote on the demerger proposal.
Upon shareholder and court approval of the demerger, Sucrogen will be a separately listed ASX company with its own board and management. CSR Ltd will continue as an ASX listed, market-leading building products company with an attractive investment in aluminium.
The new Sucrogen corporate identity will be progressively launched across the business following approval of the demerger in February.
Note to editors:
Sucrogen is the new corporate identity for CSR Sugar.
Sucrogen is the largest raw sugar producer in Australia and the eighth largest producer globally.
Sucrogen owns seven sugar mills capable of producing in total 2.1Mt of raw sugar per year. The mills also produce by-products including molasses, which is used to produce ethanol and also sold as stockfeed.
Sucrogen generates electricity from cogeneration operations at each of its seven sugar mills and is Australia’s largest renewable energy generator from biomass, with a total cogeneration capacity of 171 megawatts. Through its interest in Sugar Australia and New Zealand Sugar Company, Sucrogen is the largest sugar refiner in Australia and New Zealand with its three sugar refineries capable of producing 970kt of sugar annually.
Sucrogen is Australia’s largest producer of sugar-based ethanol, which is used as an additive in fuel and for a range of industrial purposes. Sucrogen produces fertiliser using by-products from its sugar milling and ethanol distillation processes.
15 December 2009
Martin Cole, CSR Investor Relations
Tel. (02) 9235 8053; 0403 332 977