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01/07/2010
Sweet Success As Tate & Lyle Sells Business
Tate & Lyle has sold its European sugar business (EUS) to an American Sugar Refining for £211 million in cash.
The company said the proceeds will be used to reduce its net debt.
In a statement the firm said: "Today's announcement is fully consistent with those intentions and will result in a more focused, less volatile business, and a solid platform to deliver sustainable long-term growth in Speciality Food Ingredients, supported by cash generated from Bulk Ingredients."
EUS consists of the cane sugar refineries in London, UK, and Lisbon, Portugal, the Lyle's Golden Syrup factory in London, UK, the associated sugar and syrup brands and the Tate & Lyle Process Technology consulting business.
Javed Ahmed, Chief Executive of Tate & Lyle said: "Sugar refining has enjoyed a long and proud history within Tate & Lyle, but we believe the interests of this business and its employees are now best served by being part of a company for whom sugar refining is core. I sincerely thank our employees for their hard work and commitment over the years, and wish them every success in the future."
(CD/GK)
The company said the proceeds will be used to reduce its net debt.
In a statement the firm said: "Today's announcement is fully consistent with those intentions and will result in a more focused, less volatile business, and a solid platform to deliver sustainable long-term growth in Speciality Food Ingredients, supported by cash generated from Bulk Ingredients."
EUS consists of the cane sugar refineries in London, UK, and Lisbon, Portugal, the Lyle's Golden Syrup factory in London, UK, the associated sugar and syrup brands and the Tate & Lyle Process Technology consulting business.
Javed Ahmed, Chief Executive of Tate & Lyle said: "Sugar refining has enjoyed a long and proud history within Tate & Lyle, but we believe the interests of this business and its employees are now best served by being part of a company for whom sugar refining is core. I sincerely thank our employees for their hard work and commitment over the years, and wish them every success in the future."
(CD/GK)
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