Tate & Lyle completes re-alignment of Eaststarch joint venture

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Completion of re-alignment transaction for Eaststarch corn wet milling joint venture.

Tate & Lyle PLC (Tate & Lyle) announces that it has completed the transaction to re-align the Eaststarch corn wet milling joint venture in Europe with Archer Daniels Midland Company (ADM). The signing of the agreement to re-align Eaststarch was announced on 21 April 2015.

Following completion, Tate & Lyle has acquired full ownership of the more speciality-focused plant in Slovakia and exited the predominantly Bulk Ingredients plants in Bulgaria, Turkey and Hungary. Tate & Lyle has also received the cash consideration of €240 million. Customary working capital adjustments will be made in due course.

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About Tate & Lyle: 
Tate & Lyle is a global provider of solutions and ingredients for food, beverage and industrial markets.

Tate & Lyle operates through two global divisions, Food & Beverage Solutions and Primary Products, supported by the Innovation and Commercial Development and Global Operations teams. Food & Beverage Solutions is focused on growth by building leading positions globally in the categories of beverages, dairy, and soups, sauces and dressings. Primary Products is focused on delivering steady earnings and generating cash.

Food & Beverage Solutions consists of: Texturants, including speciality starches; Sweeteners, including low- and no-calorie sweeteners; and a Health and Wellness portfolio comprising mainly speciality fibres; and Stabilisers and Functional Systems, which are bespoke ingredient blends that ensure foods retain their structure.

Primary Products consists of high-volume sweeteners, industrial starches and fermentation products (primarily acidulants).  It also sells co-products from the corn milling process as animal nutrition.

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 2019, Tate & Lyle sales totalled £2.8 billion. For more information, please visit http://www.tateandlyle.com or follow Tate & Lyle on Twitter or Linkedin.

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