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Group history

 

1891  Reynolds Brothers Limited (“Reynolds Brothers”) is listed as a public company and Charles George Smith is appointed as its agent in Durban; 

1893  Smith, entrepreneur and sugar agent, becomes a shareholder in Reynolds Brothers; 

1904  CG Smith and associates buy the Umzimkulu mill and estates; 

1915  Reynolds Brothers opens the Sezela mill; and
The Natal Cane By-Products Limited (now Illovo Merebank) is listed as a public company;

1952  Brothers moves the Esperanza mill to Pongola; 

1975  The sugar-related assets of CG Smith & Company Limited, together with the Gledhow Sugar Company Limited, are amalgamated with Reynolds Brothers into a single new entity under the name of CG Smith Sugar Limited (“CG Smith Sugar”); 

1977  CG Smith Sugar acquires the Illovo and Noodsberg sugar mills and estates from Tate & Lyle plc; 

1992 CG Smith Sugar is listed on The Johannesburg Stock Exchange (now the JSE Limited); and the company acquires the Umfolozi sugar mill;

1994    The company name is changed to Illovo Sugar Limited to identify with the Illovo brand of sugars and syrups;

1995 As a purely South African sugar company with five agricultural estates and seven factories, Illovo cultivates around one million tons of sugar cane and produces an equal amount of sugar.  Turnover amounts to R1.6 billion and the share price trades at R6.70 (year-end);

1996 Illovo acquires a 50% stake in Maragra Acucar SARL in Mozambique;

1997 Illovo acquires Lonrho Sugar Corporation Limited, with sugar assets in Malawi, Swaziland, Mauritius and South Africa;

1998 Illovo acquires a 55% stake in Kilombero Sugar Company Limited in Tanzania;

1999 The Company acquires Monitor Sugar Company in the United States;

2001 Illovo sells its Mauritian interests and acquires a controlling interest in Zambia Sugar Plc (“Zambia Sugar”);

2004 The Gledhow sugar mill and estates are sold to a Black Economic Empowerment company; and the company sells its interests in Monitor Sugar Company;

2006 Associated British Foods plc, a company listed on the London Stock Exchange, acquires a 51% controlling stake in Illovo;

2007 A major expansion of the Zambia Sugar operation is announced, to increase cane production by 50% and annual sugar production to 450 000 tons of sugar.  The Zambia Sugar expansion project is completed on 1 April 2009;

2009 Illovo sells the Umfolozi sugar mill and concludes an agreement to sell the Pongola mill.  Today, Illovo has extensive agricultural and manufacturing assets in six Southern African countries, with capacity to produce six million tons of cane and two million tons of sugar per annum.  Revenue amounts to R8.6 billion and the share price trades at R28.49 (year-end)