REPUBLIKA.CO.ID, JAKARTA - Food manufacturer, PT Indofood Sukses Makmur, announced on Monday that its subsidiary, PT Indofood Agri Resources Ltd, would acquire a Brazilian company, Companhia Mineira de Acucar e alcool Participacoes, or known as Target Group. Indofood has prepared 71.1 million USD or equal to 68.8 billion IDR for the acquisition.
"Indofood Agri has build an entity in Singapore named IFAR Brazil Pte Ltd. IFAR will build Indoagri Brazil Participacoes Ltd," Director of Indofood Agri, Mark Wakeford, said on Monday.
The company will acquire 50 percent interest of Companhia through agreement signed on January 26, 2013. "With this acquisition, the group can expand geographically to sugar and ethanol sectors in Brazil and diversify a model of plantation business," Wakeford said.
Target Group, producing ethanol and sugar, was established in 2006. Target Group operates a manufacturer in Vale de Tijuco with the capacity of 3 million metrics tonnes per year.
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