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December 12, 2007 |
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COSAN SA: Closes Down Usina Santa Luiza & Agricola Aquidaban Cosan SA said in a statement that it, along with Sao Martinho and Santa Cruz, has shut down joint subsidiaries Usina Santa Luiza and Agricola Aquidaban. Cosan commented to Business News Americas, "The purpose of the decision is to maximize operational and managerial synergies for the controlling groups." BNamericas notes Sao Martinho, Cosan and Santa Cruz hold 41.6%, 33.3% and 25.0% stakes in the mills respectively. Cosan told BNamericas that Santa Luiza has crushing capacity of about 1.8 million tons of sugarcane per harvest. Cane that Usina Santa Luiza used to process "will be rerouted to the industrial facilities of the controlling groups proportionate to their capital interest," as of the 2008-2009 harvest. Cosan's Bonfim unit will then get about 600,000 tons of cane that Santa Luiza used to handle. Sao Martinho will receive 750,000 tons of cane at one of its mills, BNamericas relates. "Aquidaban's land leasing contracts and deals with cane suppliers will be divided proportionally among the controlling groups," Cosan, Sao Martinho, and Santa Cruz told BNamericas. Headquartered in Sao Paulo, Brazil, Cosan S.A. Industria e Comercio, is the third largest sugar producer in the world. In 2004/2005 it crushed more than 26 million tons of sugar cane in fourteen mills located in the Central South region of Brazil, with sugar sales of 2.3 million tons and ethanol sales of 825 million liters. * * * As of February 2007, Cosan carries Moody's Ba2 global local currency and foreign currency ratings and Standard and Poor's BB corporate credit rating. |
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