American Sugar Refining, Inc. Acquires Ingenio San Nicolas

This acquisition furthers our strategy to seamlessly provide our customers with quality sugar products and excellent customer service throughout Canada, the United States and Mexico."

05/12/07 American Sugar Refining, Inc., based in Yonkers, New York, announced that it completed the acquisition of Ingenio San Nicolas S.A. de C.V. San Nicolas owns and operates a sugar mill and refinery in Veracruz, Mexico that produces 75,000 tons of superior quality refined sugar.

Luis J. Fernandez, Co-President of American Sugar commented that "this acquisition is an extension of our strategy to be the premier sugar producer and supplier in North America, as evidenced by our recent acquisitions of Redpath Sugar in Canada and C&H Sugar in California. Our goal is to effectively service our multinational customers whose operations span all of North America. This acquisition furthers our strategy to seamlessly provide our customers with quality sugar products and excellent customer service throughout Canada, the United States and Mexico."

Antonio L. Contreras, Jr., Co-President of American Sugar said, "This acquisition is particularly significant now that the Mexican and United States sweetener markets will merge under the North American Free Trade Agreement effective January 1, 2008. The sugar industry is an important part of the Mexican economy and will play a significant role in the combined U.S. - Mexico sugar market."