CEO says Sistema’s Steppe buys Russia’s largest sugar trader

MOSCOW, Nov 30 (PRIME) -- Agricultural holding Steppe, part of multi-industry holding Sistema, has bought Russia’s largest sugar trader Investprom-Opt, Steppe CEO Andrei Neduzhko told PRIME on Friday without disclosing the sum of the deal.

The acquisition will allow Steppe to integrate its plant growing segment vertically and to diversify sales channels. Investprom-Opt sells more than 150,000 tonnes of sugar a year, and it operates its own sugar packaging line with a capacity of over 60,000 tonnes per year and a logistics facility with a capacity of 100,000 tonnes per year that is capable of dispatching products via railways or highway transport, he said.

“The concept for development of the asset encompasses raising the sales of sugar and grocery goods to more than 250,000 tonnes a year and the possibility to double Investprom-Opt\s business in 2019 due to synergy with the existing businesses of Steppe,” he said.

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