Ipiranga Group Starts Operations at Itaiquara Plant and Becomes the Largest Sugarcane Company in the Region

Written by Valdemar Medeiros

Published on 02/03/2021 at 11:36

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The Ipiranga Group Intends to Put the Sugarcane Plant Back into Full and Continuous

After Ipiranga Agroindustrial secured the lease of the sugar and ethanol industries, as well as part of the land from the Passos Sugar Plant, owned by the Itaiquara Group in Minas Gerais, the group now begins to operate as the largest sugarcane company in the region. The municipality of Passos/MG could become the largest hub for sugarcane products in Southern Minas.

Ipiranga Group Negotiation

The negotiation between the parties has been ongoing for several months. The lease of the Ipiranga group will last for the next 18 years for sugar and ethanol production for the market, with the possibility of extension, except for the yeast factory.

However, with the arrival of the Ipiranga Agroindustrial Group, the priority – without a doubt – will be the hiring of local labor, with a possible absorption of those who were or would be dismissed, in addition, of course, to new hires, due to the activities that will be undertaken, such as farming and sugarcane production.

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The Crisis of the Plant That Has Been Dragging Since 2008

The Itaiquara plant has been facing a serious financial crisis since 2008, which ultimately resulted in the Judicial Recovery Action, proposed in October 2019 as an attempt to keep it operational.

The agreement made with the Ipiranga Group is essential for the companies in the group to remain in operation, ensuring not only the functioning of the company but also the jobs of those who work there.

With the negotiation finalized, there will be a financial reorganization of Itaiquara, ensuring that all commitments outlined in the judicial recovery are fulfilled, not to mention the return of investment in the yeast factory in Passos.

Ipiranga Agroindustrial also has the controlling stake in a plant in Mococa/SP, located near the border with the city of Arceburgo, and has also purchased another sugarcane company in Descalvado/SP. In 2005, it brought the Iacanga Plant into the group, also from São Paulo.

Ipiranga Group Starts Operations at Itaiquara Plant and Becomes the Largest Sugarcane Company in the Region

The Ipiranga Group Intends to Put the Sugarcane Plant Back into Full and Continuous

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