Tate & Lyle PLC - Agreement to sell share in Zambia Sugar PLC

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Tate & Lyle PLC announced on 16 February 2001 that it has agreed, subject to the completion of satisfactory due diligence and approval by the Securities and Exchange Commission of Zambia and the Zambian Competition Commission, to sell its 50.87% share in Zambia Sugar Plc for US$11.4 million (£7.9 million) to Illovo Sugar Limited ("Illovo"). The sale proceeds will be used to pay down Group debt.

Following completion of the sale, Illovo will extend an equivalent offer to all other shareholders of Zambia Sugar Plc. An announcement confirming the results of Illovo's due diligence will be made in approximately two weeks. The price remains subject to due diligence review.

Larry Pillard, Chief Executive Tate & Lyle PLC said:

"This transaction is another step in our objective to exit those businesses that we cannot successfully develop further to enable us to build our value added product portfolio."

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 2020, Tate & Lyle sales totalled £2.9 billion. For more information, please visit http://www.tateandlyle.com or follow Tate & Lyle on Twitter or Linkedin.