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Wilmar and Raizen tie up to form Brazilian sugar venture
WILMAR International has tied up with Brazil's Raizen Energia to form one of the world's largest exporters of Brazilian sugar with a total volume of 4.5 million tonnes a year.
The 50:50 joint venture called Raizen and Wilmar Sugar (RAW) will combine the strengths of Brazil's largest producer of sugar - Raizen's ouptput is around three million tonnes of VHP (very high polarisation) sugar - and the world's leading commodity trader Wilmar, said the firms in a joint statement.
The establishment of RAW - the joint venture will be headquartered in Singapore and will conduct its sugar origination in Brazil - has received all relevant regulatory approvals.
The joint venture will match the significant export volume with Wilmar's extensive network of customers in destination markets around the world, and enable Raizen to further consolidate its leading position in Brazil.