Ukrros to Spend USD 10 mln on Modernization in 2008

According to Interfax, Ukrros (UROS: N/R) announced plans to invest USD 10 mln of three of the company’s six sugar production plants (in Chortkivsky, Palmyrsky and Tsukrove) in 2008. Olha Pankiv: Ukrros reiterated earlier plans to increase capacity at its existing plants by 14% by autumn 2008 to 33 ths mt of beets daily. In separate news, Ukrros confirmed negotiations with Ukraine’s largest sugar maker, UPK, which currently lacks beet inputs, to purchase two of its mills in Ternopil oblast, allegedly for USD 12-14 mln for both. These acquisitions would allow the company to apply for a larger sugar quota and more quickly reach its targeted 20% market share.