Tate & Lyle PLC – Memorandum of understanding signed Re-sale of the Western Sugar Company

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Tate & Lyle PLC ("Tate & Lyle") announces that its wholly-owned subsidiary, Tate & Lyle North American Sugars Inc. ("TLNAS"), has signed a non-binding Memorandum of Understanding ("MOU") with the Rocky Mountain Sugar Growers Co-operative ("RMSGC") for the acquisition by RMSGC from TLNAS of all the outstanding stock of The Western Sugar Company ("Western"), a wholly-owned subsidiary of TLNAS.

Following the signing of the MOU, TLNAS and RMSGC will begin the process of negotiating and preparing an appropriate purchase agreement and related agreements ("Definitive Agreements").

The Definitive Agreements are expected to be subject to, inter alia, closing conditions including regulatory approval, RMSGC obtaining satisfactory commitments of financing, the outcome of due diligence inquiries by RMSGC, approval of sufficient members of RMSGC and approval of the Board of Tate & Lyle. Accordingly, there is no certainty that the MOU will lead to a disposal of Western. It is also likely that any disposal of Western would be at a substantial discount to net asset value.

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.