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Rogers Sugar announces plan to expand sugar refining capacity of its Lantic Montreal plant and its related eastern Canada distribution network
MONTREAL, Aug. 11, 2022 – Rogers Sugar Inc.’s (“our,” “we”, “us” or “Rogers”) (TSX: RSI) today reported third quarter fiscal 2022 results with consolidated adjusted EBITDA of $23.1 million and $73.2 million for the current quarter and the first nine months of the year, respectively.
We are announcing today our intention to proceed with an expansion of our Montreal refining capacity along with an increase of our Toronto distribution centre logistic and rail infrastructures. The project would increase the eastern refined sugar supply by up to 100,000 metric tonnes annually at a current estimated construction cost of approximately $160 million. We are working with different stakeholders including customers, suppliers, financial institutions, rail providers and government authorities to finalize our plan. We are expecting to deliver this additional capacity to the market within the next two years. We intend to provide regular updates on the project in the coming months.
"The demand for Canadian refined sugar remained very strong in the third quarter of 2022, and we anticipate this situation to continue for the foreseeable future as market dynamics remain favourable,” said Mike Walton, President, and Chief Executive Officer of Rogers and Lantic Inc. "We expect the strong market conditions of our Sugar segment will more than offset the challenges we are experiencing in our Maple segment from current inflationary pressures; providing for improved overall financial results in 2022 as compared to 2021.” "We are also very excited about our expansion project aimed at supporting the growth of the Canadian food manufacturing industry with quality refined sugar.”
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