American Takes Tate & Lyle Canada
Redpath operates Canada's largest cane sugar refinery in Toronto. Its sugar is marketed under the Redpath(R) trademark, one of the oldest and most recognized trademarks in Canada.
Domino markets its products under the leading Domino(R) and C&H(R) sugar brands. It owns and operates sugar refineries in Yonkers, New York; Baltimore, Maryland; Chalmette, Louisiana; and Crockett, California. The acquisition will make Domino more competitive and enhance its ability to serve its customers, many of whom have operations in both Canada and the United States.
Domino is owned 64% by Florida Crystals Corporation and 36% by Sugar Cane Growers Cooperative of Florida. Florida Crystals is a subsidiary of Flo-Sun Incorporated, the Fanjul family parent company. Sugar Cane Growers Cooperative of Florida is an agricultural cooperative owned by 49 sugarcane grower members.
Luis J. Fernandez of Florida Crystals and Antonio L. Contreras, Jr. of Sugar Cane Growers are Co-Presidents of American Sugar Refining. Domino used Rabobank International as its financial advisor in this transaction.
Completion of the transaction is subject to customary closing conditions, including Canadian regulatory approvals.