American agribusiness Bunge recently closed on the sale of its sugar trading operations to Australian company Wilmar Sugar Pte. Ltd., the company announced in a press release Wednesday.

Bunge has searched for a buyer for its sugar trading unit for the past five years amid as sugar prices continue to slip downwards, according to a Reuters report. The news service noted that futures for raw and refined sugar declined to the lowest levels seen in the last 10 years. 

Financial terms of the transaction were not disclosed. Sources familiar with the American company’s sugar trading business told CNBC in March that Bunge valued the operations at about $75 million excluding debt.

Wilmar Sugar’s owner, Singapore-based agribusiness group Wilmar International Limited, entered the sugar business in 2010 and has expanded its footprint over the past eight years through a series of acquisitions, according to information on the company’s website. The company has sugar milling assets, refining and distribution capabilities, and has a presence in the BioEthanol market.

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