Completion of Disposal of European Starch facilities
Tate Lyle PLC is pleased to announce that, following the receipt of European antitrust approvals, the sale of its starch facilities in the UK, Belgium, France, Spain and Italy (together “the business”) to Syral SAS (a subsidiary of Tereos of France) has now completed.
The signing of the conditional agreement for the sale of the business was announced on 18 July 2007. As previously announced, the consideration for the sale is €310 million (£215 million) subject to closing adjustments.
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 2012, Tate Lyle sales totalled £3.1 billion. http://www.tateandlyle.com. SPLENDA® is a trademark of McNeil Nutritionals, LLC
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