Tate & Lyle PLC ("Tate & Lyle") announces that the sale of United Molasses Company, a Delaware Corporation, ("UMUS") and the business and assets of UM Canada ("UMC") to Westway Holdings Corporation has now been completed. The signing of conditional agreements for these disposals was previously announced on 20 December 2002.
The initial consideration for UMC (which is subject to closing adjustments) of CAD$27 million plus US$1 million (£13 million) has been received in cash bringing total cash proceeds to some £21 million and, in addition, more than £8 million has so far been collected from retained receivables.
About Tate & Lyle
Tate & Lyle is a world leader in carbohydrate ingredients. Our core competence is to take basic carbohydrates - corn, wheat or sugar - and add value to these raw materials through technology. As a result of continuous innovation we offer an ever-wider product portfolio of versatile and functional ingredients. These products include Cereal Sweeteners, Starches, Sugars and Citric Acid. Our products have wide applications in the food, beverage, pharmaceutical, cosmetic, paper, packaging and building industries.
With headquarters in London, the Group has 8,500 employees and 50 plants in 24 countries. Sales in the year to 31 March 2002 totalled £3.9bn. Tate & Lyle ordinary shares trade on the London Stock Exchange under TATE.L. In the US, ADRs trade on the NASD OTC Bulletin Board under TATYY (each ADR is equal to four ordinary shares). Additional information can be found on this website.
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About Tate & Lyle:
Supported by our 160-year history of ingredient innovation, we partner with customers to provide consumers with healthier and tastier choices when they eat and drink. We are proud that millions of people around the world consume products containing our ingredients every day.
Through our expertise in sweetening, fortification, and texture, we develop ingredient solutions which reduce sugar, calories, and fat, add fibre and protein, and provide texture and stability in categories including beverages, dairy, bakery, snacks, soups, sauces, and dressings.
We have more than 3,500 employees working in around 57 locations across 39 countries. Science, Solutions, Society is our brand promise and how we will achieve our purpose of Transforming Lives Through the Science of Food. By living our purpose we believe we can successfully grow our business and have a positive impact on society. We live our purpose in three ways, by supporting healthy living, building thriving communities and caring for our planet.
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 2023, Tate & Lyle revenue from continuing operations totalled £1.75 billion. For more information, please visit https://www.tateandlyle.com or follow Tate & Lyle on Linkedin, X (Twitter), Facebook or YouTube.
