Tariff-Free Access To EU Markets Sweetens Illovo's Outlook

Africa's largest sugar producer, the South Africa-based Illovo Sugar, has announced plans to ramp up sugar production by 50% over the next five years to about 3mn tonnes, as it bids to capitalise on tariff-free access to the EU. Owned by UK-based Associated British Foods (ABF), almost half of Illovo's sugar production is accounted for by its subsidiaries across sub-Saharan Africa. With BMI currently forecasting flat sugar production growth through to 2013 in South Africa, we expect the wider region's contribution to production to increase considerably as it takes the bulk of Illovo's growth mantle. Earlier this year, Illovo reported

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