WELLINGTON, Fla. -- U.S. Sugar Corp., the nation's largest producer of
cane sugar, would go out of business in a $1.75 billion deal to sell its
nearly 300 square miles of land to Florida for Everglades restoration,
the company and the state's governor said Tuesday.

Under the deal, announced at a news conference with Gov. Charlie Crist
and company representatives, the state would buy U.S. Sugar's holdings
in the Everglades south of Lake Okeechobee, the virtual heart of the
ecosystem.

Negotiations are still ongoing, but officials hope to sign an agreement
by September. Once the deal is in place, U.S. Sugar would be allowed to
farm the 187,000 acres of land for six more years before shuttering its
business.

Mr. Crist said the deal is "as monumental as the creation of our
nation's first national park, Yellowstone."

"This represents, if we're successful, and I believe we will be, the
largest conservation purchase in the history of the state of Florida,"
Mr. Crist said.

The land would be used to help restore a more natural flow to the
wetlands that has been stymied for years by agriculture and development.
Farming in the region has long been considered a hindrance to
restoration, contributing fertilizers and pollutants to the wetlands,
and blocking its natural flow patterns.

The deal wouldn't end sugar production in the Everglades. At least
250,000 acres of land used by other companies would remain in sugar
production.

U.S. Sugar Chief Executive Robert Bucher called the deal "monumental"
but also noted he was saddened to see the demise of his company, which
employs 1,700 people.

"We built a company that right now is the pillar of the agriculture
community in Florida," Mr. Bucher said. "Because of that, I stand here
today with mixed feelings. . On the other hand, I'm excited about what
we're doing here today."

Mr. Bucher acknowledged that the sugar industry's presence in the
Everglades has led to years of "partial fixes" as the state works to
restore the once famed River of Grass.

Mr. Bucher said the company's decision to sell had nothing to do with
profits, though the entire American sugar industry has struggled with
stiff completion from cheap foreign imports. U.S. Sugar has also in
recent years been facing hefty bills to clean up its water before it
enters the Everglades ecosystem.

David Guest, an attorney who has fought over Everglades restoration for
years and is a longtime foe of U.S. Sugar, called Tuesday's announcement
a victory.

"In the old days, you didn't just beat your opponent, you also ate
them," Mr. Guest said. "Today, we're eating U.S. Sugar."