American Sugar Refining said today (1 July) that its acquisition of Tate & Lyle's sugar operations "makes perfect sense" for the business as it looks to expand worldwide.

The US firm said the global nature of the sugar sector meant its latest deal with Tate & Lyle would benefit its business.

"Sugar is a global business," said Antonio Contreras, Jr., one of ASR's co-presidents. "This acquisition makes perfect sense for ASR. We're sugar people who are committed to and understand the sugar business. The European acquisition in many ways mirrors our North American operations and will complement our company."

ASR's GBP211m (US$314.2m) acquisition of Tate & Lyle's European sugar operations is the third deal between the two companies in the last decade.

ASR bought Tate & Lyle's North American sugars business in 2001. Six years later, ASR acquired Tate & Lyle's Canadian unit.

The acquisition of Tate & Lyle's refineries in London and Lisbon increases ASR's total refining capacity to 6m metric tons per year.

Across North America, ASR owns and operates six cane sugar refineries. The company markets its industrial, consumer and speciality products with a brand portfolio of Domino, C&H, Florida Crystals and Redpath.