A supplier to Vietnam Dairy Products JSC and Kido Group Corp., TTC Group is already moving to increase sugar production. The company is buying a sugar mill with a designed annual capacity of 70,000 tons and a 6,000-hectare sugarcane plantation from HAGL JSC, with the $100 million deal expected to close in October. The mill will start operations in December and production at the plantation is expected to increase five-fold, with one third of output shipped to Europe in the next five years, said My.
TTC Sugar is among the 10 sugar units owned by the conglomerate that contributed 53 percent of its pre-tax profit last year. The group expects its sugar business to generate $35 million of its 2016 pre-tax income of $62 million. My said the parent conglomerate will invest an additional $600 million in its sugar business through 2020.