German sugar refiner Nordzucker has acquired Greencore's 50% stake in its joint venture Sugar Partners.

Nordzucker will now operate the company as sole owner with immediate effect.

As part of the deal, Nordzucker has acquired the Siucra, McKinney and Castle brands from Irish Sugar Ltd.

"Customers of Sugar Partners will notice no changes resulting from the share acquisition. All parties have agreed to treat details of the transaction as confidential", the company said.

Mats Liljestam, chief marketing officer of Nordzucker, added: "This step is an expression of our clear commitment to the Irish market. The acquisition of these successful and established brands along with the liquid facility in Mallow leaves Sugar Partners perfectly placed to increase its presence and improve its offering to Irish sugar consumers."

He added: "We have always emphasised that we intend to proactively move forward with the consolidation of our market whenever appropriate options arise. This step again demonstrates that we are forging ahead with that intention."