Rogers Sugar to spend $200 million to grow production capacity in Montreal
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Hey there, time traveller!
This article was published 14/08/2023 (805 days ago), so information in it may no longer be current.
MONTREAL – Rogers Sugar Inc. has announced plans to spend $200 million to grow its production capacity at its plant in Montreal to help meet increased demand in Eastern Canada.
The company said Monday the plan will increase production capacity at the plant by about 20 per cent or 100,000 tonnes a year.
The project includes an expansion of refining capacity with new sugar refining equipment and construction of a new bulk rail loading section in Montreal.
The company will also expand its logistics and storage capacity in the Greater Toronto Area.
Rogers Sugar said the increased production and logistics capacity is expected to be in service in about two years.
The company said financing for the project includes support from the Quebec government in the form of loans from Investissement Quebec to the company’s operating subsidiary, Lantic, for up to $65 million.
“This project is good for our customers, our shareholders and our communities, as we add production to serve rising demand, invest in Canadian manufacturing and create jobs,” Rogers Sugar chief executive Mike Walton said in a statement.
“Our sugar volumes are steadily increasing, and these investments will enable us to serve future demand growth, support the domestic food-processing industry and improve efficiency within our operations.”
The announcement came as Rogers Sugar reported a third-quarter profit of $14.2 million or 12 cents per diluted share, up from $3.1 million or three cents per diluted share in the same quarter last year.
Revenue for the quarter ended July 1 totalled $262.3 million, up from $254.6 million in the same period a year earlier.
The company said its adjusted profit for the quarter amounted to eight cents per share, the same as its third quarter last year.
This report by The Canadian Press was first published Aug. 14, 2023.
Companies in this story: (TSX:RSI)
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