| Tate & Lyle sells sugar business |
By: Danny Morgan
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Posted: Friday, July 2, 2010 11:12 am
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Tate & Lyle has sold its European refining business to American Sugar Refining for near £200m after more than 130 years in the sugar trade.
Chief executive Javed Ahmed has suggested earlier in the year that there would be a change in strategy. The company today said the sale would mean "a more focused, less volatile business". Tate & Lyle's sugar business had generated operating profits of £14m in the year to March 31.
Chief executive Ahmed said today: "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."
He continued: "Our clear priority is to grow the speciality food ingredients business, supported by cash generated from bulk ingredients. This disposal will enable us to concentrate out resources on delivering our strategic objectives as we focus, fix and grow our business." |
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