(Alliance News) - Tate & Lyle PLC on Wednesday said it has completed the acquisition of an 85% stake in Thai tapioca modified food starch manufacturer Chaodee Modified Starch Co Ltd.
The FTSE 250-listed food and beverage ingredients company first announced the purchase in October, stating at the time the investment would extend its presence in tapioca-based texturants and would also allow it to offer a wider range of tapioca-based products to meet consumer needs.
Tate & Lyle also said it would establish a production facility in eastern Thailand and invest in the facility over the next three years in order to increase its capacity for the production of higher functionality starches.
"CMS brings new tapioca capabilities, raw material sourcing expertise and additional production capacity to Tate & Lyle, and expands our presence in the higher growth Asia Pacific region," said Chief Executive Nick Hampton.
No financial details of the deal were disclosed.
Shares in Tate & Lyle were trading 0.9% higher at 737.00 pence each on Wednesday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Tate & Lyle (TATE)
