Last checked at 29 Sep 2015 14:58
29 September 2015 – Tate & Lyle PLC
Judgment handed down in litigation regarding sale of EU Sugars business in 2010
Tate & Lyle PLC (Tate & Lyle) announces that Judgment was handed down today at the Commercial Court in London in the case brought by American Sugar Refining, Inc. (“ASR”) in which it made a number of claims totalling around £40 million in relation to its acquisition of Tate & Lyle’s EU Sugars business in September 2010 for a consideration of £211 million. The Court found in favour of ASR on two elements of its claims, whilst rejecting all other aspects. Accordingly, in the Judgment, the Court has awarded damages of £18 million (€24.9 million) to ASR (with interest and costs to be determined in due course).
This claim has been disclosed in Tate & Lyle’s Annual Report since 2012 and the expected announcement of this Judgement was highlighted in the Trading Statement on 29 July 2015.
The impact of the Judgment will be reported as an exceptional item within discontinued operations.
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For more information contact Tate & Lyle PLC:Christopher Marsh, VP, Investor and Media RelationsTel: +44 (0) 20 7257 2110 or Mobile: +44 (0) 7796 192 688
Andrew Lorenz (FTI Consulting), Media RelationsTel: +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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