ARGENTINA · COMPANIES
Key Facts
- The deal Sugar group Ingenios de Tucumán bought the Trinidad mill in Tucumán and 60% of packaged-sugar seller MOYCO.
- The scale It projects milling 6.5 to 7 million tonnes of cane, about a quarter of Argentina’s total.
- The comparison Rival sugar producer Ledesma ground more than 3 million tonnes in 2025, so the projection is about twice that.
- Not disclosed The announcement gives no price, financing terms or word on competition approval.
- Power Index Argentina ranks 4th of 14 in The Rio Times Latin America Power Index, with 60.2 points (November 2026 edition).
Ingenios de Tucumán, an Argentine sugar group, announced on Thursday that it had bought the Trinidad mill and a packaged-sugar seller. If its plan holds, it would crush roughly twice as much cane as Ledesma, a rival producer, did in 2025.
An Argentine sugar group founded by a member of the family that controls Ledesma has bought a third cane mill within a year. The move matters to investors in Argentine agribusiness, because Ledesma is a listed sugar and ethanol producer, as our report on its 2026 harvest shows.
Ingenios de Tucumán S.A., founded by Santiago Blaquier, a Ledesma family member and shareholder, said in an announcement on Thursday that it had bought the Trinidad sugar mill. It did so by buying 100% of Aguilares Gas S.A., the mill’s owner.
The group also bought 60% of MOYCO S.R.L., a seller of packaged sugar. MOYCO’s partners Adrián Eduardo López and Ezequiel Eleas stay in the business.
What the Group Bought
Trinidad, known as Ingenio Trinidad, sits in Chicligasta, a department of Tucumán province in north-west Argentina. It is the third-largest mill in Tucumán by milling, at almost 2.2 million tonnes of cane per season.
Both deals went through Ingenios del Norte S.A., a company in which Blaquier is also a shareholder. The announcement gave no price for Trinidad or MOYCO.
MOYCO owns Azucel, a packaged-sugar brand. That takes the group from the mill yard to supermarket shelves.
The group bought the Concepción mill, the largest in Tucumán, in December 2025 and the La Corona mill there in September 2026. Its cumulative investment in the sector now exceeds US$150 million.
Why It Matters
More of Argentina’s cane under one owner can affect sugar and ethanol supply and prices at home and abroad. The group projects joint milling of 6.5 to 7 million tonnes of cane for the next harvest, on an estimated 25 million tonnes nationally.
That is about a quarter of national milling, and 36% to 39% of the 18 million tonnes estimated for Tucumán. All of these figures are the company’s own estimates.
The group reports about 2,000 employees across three mills and its farm team, and 21 harvesters, and plans to farm 4,000 to 5,000 leased hectares. It committed to keep all jobs at Trinidad, as it did at Concepción and La Corona.
What the Group Says
Blaquier said in the announcement that the group believes deeply in Tucumán, its people and the potential of Argentina’s sugar industry (our translation). His original words were: “Creemos profundamente en Tucumán, en su gente y en el potencial de la industria azucarera argentina.”
The company said it will strengthen exports and aims to ship about 200,000 tonnes of sugar next harvest. It plans to sell 200,000 to 240,000 tonnes at home.
How the New Group Compares With Ledesma
Ledesma, whose mill is in Jujuy province, ground more than 3 million tonnes of cane in its 2025 season. Its shares trade in Buenos Aires.
We found no final 2026 totals from Ledesma, so we compare with 2025. By our arithmetic, the group’s projected 6.5 to 7 million tonnes is roughly twice Ledesma’s 2025 grind of more than 3 million tonnes.
The comparison sets a projection for next harvest against a completed season. It rests on figures from Ingenios de Tucumán itself, which no outside party has verified.
Who Is Affected
Workers at Trinidad are affected first, since the group committed to keep all jobs there. Investors in Argentine agribusiness and in sugar and ethanol markets are the other audience that should watch.
Ledesma shares in Buenos Aires are the listed way to follow the sector there. Our Latin America markets page tracks the region’s exchanges.
What to Watch Next
No dates are published for the next checkpoints. Ledesma’s final 2026 totals and the group’s first harvest as owner of three mills, in the 2027 season with a start date not announced, are the next tests.
What Is Not Known
The announcement states neither the price, the financing, nor whether competition authorities must approve the deals. We also found no reaction from Ledesma.
More: Argentina news, every day from The Rio Times.
Frequently Asked Questions
What did Ingenios de Tucumán buy?
It bought 100% of Aguilares Gas S.A., which owns the Trinidad sugar mill, and 60% of MOYCO S.R.L., a packaged-sugar seller. The price was not disclosed.
How big would the group be?
It projects joint milling of 6.5 to 7 million tonnes of cane next harvest, about a quarter of Argentina’s estimated 25 million tonnes. Ledesma ground more than 3 million tonnes in 2025.
Will jobs at Trinidad be kept?
The group committed to keep all jobs at Trinidad, as it did at Concepción and La Corona. It reports about 2,000 employees across three mills and its farm team.
Sources: Ingenios de Tucumán S.A., announcement of 12 November 2026; Ledesma, company reports on its 2025 harvest.
In depth
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error