Sugar employees gain job security
AUSTRALIAN sugar employees will have job security, and could even be given the chance to further their careers overseas, if Thai company Mitr Phol goes ahead with its takeover bid for MSF Sugar.
The sugar giant, ranked as the fifth largest in the world, already owns 22% of the Maryborough company and confirmed its $313 million cash bid on November 17, offering $4.45 per share to buy out the remaining shares.
In a statement to shareholders issued on Wednesday, Mitr Phol moved to reaffirm that Queensland jobs would be safe for both workers and management.
"It is Mitr Phol's intention to continue the employment of MSF's employees and for MSF to continue to be managed wherever possible by MSF's existing management team," the statement said.
"Mitr Phol also believes the acquisition of MSF can offer opportunities for MSF employees and management as part of a larger, global supplier of sugar, including opportunities for MSF's Australian employees to work within Mitr Phol's broader Asian operations."
The company has 11 sugar mills and seven refineries in Thailand, China and Laos, which produce more than 2.8 million tonnes of sugar every year.
It also produces ethanol and particleboard from cane trash.
The company has also stated it will continue to invest in MSF Sugar's milling operations and offer incentives to growers to plant more cane.
MSF Sugar's board of directors has unanimously recommended to shareholders that they accept the offer.
If the deal goes ahead every major sugar company in Australia, except Mackay Sugar, will be run by foreign owners.