Last checked at 2 Nov 2015 13:22
2 November 2015 – Tate & Lyle PLC
Tate & Lyle completes re-alignment of Eaststarch joint venture
Tate & Lyle PLC (Tate & Lyle) announces that it has completed the transaction to re-align the Eaststarch corn wet milling joint venture in Europe with Archer Daniels Midland Company (ADM). The signing of the agreement to re-align Eaststarch was announced on 21 April 2015.
Following completion, Tate & Lyle has acquired full ownership of the more speciality-focused plant in Slovakia and exited the predominantly Bulk Ingredients plants in Bulgaria, Turkey and Hungary. Tate & Lyle has also received the cash consideration of €240 million. Customary working capital adjustments will be made in due course.
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For more information contact Tate & Lyle PLC:
Christopher Marsh, VP, Investor and Media Relations
Tel: +44 (0) 20 7257 2110 or Mobile: +44 (0) 7796 192 688
Andrew Lorenz (FTI Consulting), Media Relations
Tel: +44 (0) 203 727 1323 or Mobile: +44 (0) 7775 641 807
About Tate & Lyle:
Tate & Lyle is a global provider of ingredients and solutions to the food, beverage and other industries, with operations in over 30 locations worldwide.
Tate & Lyle operates through two global divisions, Speciality Food Ingredients and Bulk Ingredients, supported by our Innovation and Commercial Development and Global Operations groups. The Group's strategy is to become a leading global provider of Speciality Food Ingredients through a disciplined focus on growth, and by driving Bulk Ingredients for sustained cash generation to fuel this growth.
Speciality Food Ingredients consists of three platforms: Texturants, which includes speciality starches and stabilisers; Sweeteners, which comprises nutritive sweeteners and our range of no-calorie sweeteners including SPLENDA® Sucralose; and our Health and Wellness portfolio which includes speciality fibres and our salt-reduction offering. Additionally, our Food Systems business provides a wide variety of blended ingredient solutions.
Tate & Lyle Bulk Ingredients includes bulk sweeteners, industrial starches and fermentation products (primarily acidulants). Corn co-products from both divisions are primarily sold as animal feed.
Tate & Lyle is listed on the London Stock Exchange under the symbol TATE.L. American Depositary Receipts trade under TATYY. In the year to 31 March 2015, Tate & Lyle sales totalled £2.7 billion. For more information, please visit http://www.tateandlyle.com. SPLENDA® is a trademark of Heartland Consumer Products LLC.
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