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Source: Louis Dreyfus Company news release

Wilton (CT), US, March 24, 2021 - Louis Dreyfus Company LLC (LDC) announced today that it has entered into a definitive agreement to sell the business and assets of Imperial Sugar Company (Imperial Sugar) to U.S. Sugar, a privately held agri-business based in Clewiston, Florida, US.

"Imperial Sugar has a strong company heritage and looks forward to joining the U.S. Sugar family," said Mike Gorrell, President & CEO, Imperial Sugar. "I am confident that the move will create production, logistics and supply chain synergies and efficiencies that will benefit both companies and our customers, as we continue to bring them the quality products and brands they know and expect."

LDC acquired Imperial Sugar in 2012, and currently operates a cane sugar refinery at Port Wentworth in Savannah, Georgia, US, and a sugar transfer and liquification facility in Ludlow, Kentucky, US. Imperial Sugar primarily sources raw cane sugar from Central and South America, and from the Caribbean. The transaction also includes Imperial Sugar's consumer-facing sugar brands, sold mainly across the southern US.

"We are confident that this transaction will enable Imperial Sugar to further expand its activities as part of U.S. Sugar, and we wish the business continued success in the future. For LDC, this strategic decision does not impact our broader sugar merchandizing business, to which we remain fully committed, and enables us to refocus resources on growing this core business, building on our strong global position," said Enrico Biancheri, Global Head of LDC's Sugar Platform.

LDC is one of the world's top five sugar merchandizers, sourcing, transporting and marketing raw and white sugars to key consumer markets globally. In North America, the company will continue to operate across seven business lines, and is a top exporter of cotton, soybeans, wheat and corn from the US.

"We will continue our work to connect North America's farmers to international markets, and to bring products to the region from around the world, as we have done for over 100 years," said Adrian Isman, LDC's Head of North America. "With more than 1,000 employees working at over 50 offices, ports, warehouses and processing facilities across the US and Canada, we remain firmly committed to leveraging our network and expertise to grow our business in the region."

The transaction is expected to close in 2021, subject to regulatory approvals and customary closing conditions.

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