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SAO PAULO (Reuters) - Ra\u00edzen, the world's largest sugarcane processor, which is struggling to reduce its debt, announced on Friday an agreement to sell its Rio Brilhante and Passa Tempo mills for R$1.54 billion, according to a statement to the market.<\/p>\n
The plants, both located in the municipality of Rio Brilhante (MS) and with an installed capacity of approximately 6 million tons per harvest, were sold to Cocal Agroind\u00fastria.<\/p>\n
The agreement involves R$1.325 billion for the assets and approximately R$218 million related to investments in off-season maintenance this year, which will be fully assumed by the buyer, according to the company.<\/p>\n
"This transaction is in line with the company's strategy of optimizing its asset portfolio, simplifying operations, and capturing efficiencies, with a focus on improving the profitability of its agro-industrial portfolio," Ra\u00edzen said.<\/p>\n
When releasing its latest quarterly results, a loss of R$1.8 billion, Ra\u00edzen reported that its net debt jumped to R$49.2 billion.<\/p>\n
After the completion of the sale of the two plants and the others already announced, Ra\u00edzen will operate a portfolio of 25 plants, with an installed grinding capacity of approximately 75 million tons per harvest, according to a statement.<\/p>\n
The conclusion of the transaction announced this Friday is subject to approval by the Administrative Council for Economic Defense (Cade), Ra\u00edzen added.<\/p>\n
Payment will be made in cash upon completion of the transaction, subject to any adjustments customary for transactions of this nature.<\/p>\n
(By Roberto Samora and Gabriel Araujo)<\/p>\n<\/p><\/div>\n