MACKAY Sugar's 816 shareholders have voted 95 per cent in favour of a recapitalisation deal with the German sugar manufacturer Nordzuker.
Nordzuker now joins existing overseas investors including COFCO (China), Mitr Pohl (Thailand), Wilmar (Singapore) in Australia's sugar milling ranks.
The $120 million deal means Nordzuker now has 70pc ownership of Mackay Sugar, and three places on the company's board.
Australian Sugar Milling Council chief executive officer David Pietsch congratulated the Mackay Sugar board on achieving the successful outcome.
"To be globally competitive, the sugar industry must continue to invest and innovate," Mr Pietsch said.
"A failure to invest will erode our position as a low-cost, efficient producer.
"We also welcome the commitment Nordzuker has made to the Mackay Sugar business, which provides much needed certainty to the sugar community and wider region."
Mr Pietsch said the sugar industry was a major contributor to the Mackay region economy, providing more than 11pc of jobs and adding 17pc of gross regional product, directly and indirectly.
