20 Apr 2012 07:00
20 April 2012 - Tate & Lyle PLC
SALE OF CITRIC ACID JOINT VENTURE
Tate & Lyle announces that it has reached agreement to sell its 50% share in Sucromiles, its Colombian citric acid joint venture, to its long-standing partner in this business, Organización Ardila Lülle, for total cash consideration of US $31.5 million (£19.6*m). Following completion of the sale, which is conditional upon Colombian competition authority approval, Tate & Lyle will continue to distribute citric acid products from Sucromiles outside the Colombian market.
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For more information contact Tate & Lyle PLC:
| Mathew Wootton, Group VP, Investor and Media Relations |
| Tel: +44 (0) 20 7257 2110 or Mobile: +44 (0) 7500 100 320 |
| Andrew Lorenz (FTI Consulting), Media Relations |
| Tel: +44 (0) 20 7269 7113 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, operating from over 30 production facilities around the world.
Tate & Lyle operates through two global business units, Speciality Food Ingredients and Bulk Ingredients, supported by Innovation and Commercial Development. The Group's strategy is to become the leading global provider of Speciality Food Ingredients through a disciplined focus on growth, and by driving the Bulk Ingredients business for sustained cash generation to fuel this growth.
Speciality Food Ingredients include starch-based speciality ingredients (corn-based speciality starches, sweeteners and fibres), no calorie sweeteners (including SPLENDA® Sucralose) and Food Systems which provides blended ingredient solutions. Bulk Ingredients include corn-based bulk sweeteners, industrial starches and fermentation products (primarily acidulants). The 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 2011, Tate & Lyle sales totalled £2.7 billion. http://www.tateandlyle.com.
SPLENDA® is a trademark of McNeil Nutritionals, LLC.
About Organización Ardila Lülle:
Organización Ardila Lülle is a leading Colombian Industrial Group in the Beverage, Agro industrial, Radio, Television, and Packaging sectors among others.
*£/US$ exchange rate 1.61
Copyright Business Wire 2012
Tate & Lyle (TATE)