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Noble Buys Sugar Mill
HONG KONG- Feb 8/07 - SNS -- Noble Group has acquired 100% of Usina Petribu Paulista Ltda. (UPP), a sugar mill company in South Brazil, Sao Paulo State, paying U.S. $70 million.
The mill has a total crushing capacity of 2 million metric tons (MT) of sugar cane and capable of producing both sugar and ethanol. The mill has been designed for an easy upgrade to 4 million MT of sugar cane crushing capacity within a short period of time, or 600,000 MT of sugar or 88 million gallons of ethanol annually.
Noble will invest up to US$200 million in this project over the next few years and will expand its crushing capacity to up 10 million MT of cane. As part of the same transaction, Noble will also acquire 100% of Meridiano, a company which owns land and various relevant licenses.
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