Imperial Sugar settles insurance claim
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Imperial Sugar Co., which is a partner in a $120 million sugar refinery being built in Gramercy, has settled on a $345 million property insurance claim related to a February 2008 explosion at its Port Wentworth, Ga., refinery.
A final $45 million payment to Imperial on the claim is expected to be received in early January. Previously, the insurers had provided advance claim payments totaling $300 million under a $350 million policy.
The company expects to recognize pre-tax gains of about $278 million in its first fiscal quarter ending Friday as a result of the settlement.
Imperial, along with Sugar Growers and Refiners Inc., which is a Breaux Bridge-based growers cooperative, and Minneapolis-based Cargill Inc. have secured financing for a previously announced $120 million sugar refinery that will lead to 145 jobs. It is next to Imperial’s existing facility in Gramercy.
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