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Sarah Kuijlaars appointed Chief Financial Officer of Tate & Lyle PLC

moreirat — Tue, 13 Aug 2024 05:10:00 +0000

Sarah Kuijlaars appointed Chief Financial Officer of Tate & Lyle PLC moreirat Tue, 08/13/2024 - 05:10

13 Aug 2024

Tate & Lyle PLC is pleased to announce the appointment of Sarah Kuijlaars to the position of Chief Financial Officer, and to the Board of Tate & Lyle, with effect from 16th September 2024.

Press Releases

Sarah Kuijlaars is an experienced international finance leader, having previously served as Chief Financial Officer of De Beers Group and Arcadis NV. Prior to that, she was Deputy Chief Financial Officer at Rolls-Royce Holdings plc and held a number of senior finance leadership roles during a 25-year career at Shell plc. Sarah is currently a non-executive director of Inchcape plc.

Sarah succeeds Dawn Allen who, as announced on 24 April 2024, is leaving Tate & Lyle to take up the position of Chief Financial Officer of Haleon plc. Dawn will step down as Chief Financial Officer and from Tate & Lyle’s Board on 15 September 2024 and will remain with the Company until late October to ensure a smooth transition.

Nick Hampton, Chief Executive of Tate & Lyle, said: "Sarah is an outstanding addition to our executive team and I am delighted to welcome her to Tate & Lyle. Her proven track record of financial leadership in large and dynamic global businesses will prove invaluable to us as we enter the next phase of our growth agenda as a focused food and beverage solutions business.”

David Hearn, Chair of Tate & Lyle, said: “Sarah brings a wealth of financial, commercial and international experience to Tate & Lyle which will be of significant value to the Company as it continues to expand and develop. We are delighted to welcome Sarah to our Board.”

Sarah Kuijlaars said: "I am excited to be joining Tate & Lyle at such an important time in the Company's development. I look forward to working with Nick and the senior leadership team to continue to support Tate & Lyle’s customers across the world, and to deliver on the Company’s growth ambitions."

End

For more information contact Tate & Lyle PLC:

Christopher Marsh, VP, Investor Relations

Mobile: +44 (0) 7796 192 688

Media

For media enquiries and a rights-free photo:

Ariadna Peretz, FTI Consulting

Tel: Office: +44 (0) 203 727 1340

[email protected]">[email protected]

Notes:

1) Biography for Sarah Kuijlaars

Sarah Kuijlaars, 56, joined Shell plc in 1989 where, during a 25-year career, she held a number of finance leadership roles in geographies such as Nigeria, Russia, Brazil and the Middle East. In 2016 she was appointed Deputy Chief Financial Officer & Group Controller, Rolls-Royce Holdings plc and then, in 2017, became Chief Financial Officer, Civil Aerospace at Rolls-Royce. In 2018, she took up the position of Chief Financial Officer of Arcadis NV, a leading global design, engineering and management consultancy with a listing on the Euronext Amsterdam Stock Exchange. Then, from 2020 to 2023, she served as Chief Financial Officer of De Beers Group (owned 85% by Anglo American PLC and 15% by the Government of the Republic of Botswana), one of the world’s largest diamond companies.

Sarah currently serves as a non-executive director of Inchcape plc (from January 2022), a leading automotive distributor, where she chairs the Audit Committee. Previously, she has held non-executive directorships at Kumba Iron Ore Limited (2023) a subsidiary of Anglo American plc with a listing on the Johannesburg Stock Exchange, and Aggreko plc (2019 – 2021).

Sarah is a British national and has a Mathematics degree from Oxford University. She is a Fellow of the Chartered Institute of Management Accountants (FCMA) and an Associate member of The Association of Corporate Treasurers (ACT).

2) Remuneration Arrangements

Sarah Kuijlaars is appointed on an annual salary of £500,000. She will participate in our established executive director incentive arrangements, currently comprising, in summary:

Annual discretionary bonus: 75% of salary at target and a maximum opportunity of 150% of salary, subject to performance conditions; with awards in excess of 100% of salary made as shares which are released after 24 months.
Long-term (Performance Share Plan) awards of up to 300% (maximum) of base salary each year, subject to specified performance conditions over a three-year performance period, with shares subject to a further two-year post-vesting holding period.

She is required to accumulate a shareholding in Tate & Lyle equivalent to three times base salary within five years of joining.

3) Disclosures

Other than as disclosed above, no other information is required to be disclosed pursuant to paragraph 6.4.8R of the Listing Rules in respect of Sarah’s appointment.

4) 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 3,300 employees working in around 58 locations serving customers across 121 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 2024, Tate & Lyle revenue from continuing operations totalled £1.65 billion. For more information, please visit https://www.tateandlyle.com or follow Tate & Lyle on LinkedIn, X (Twitter), Facebook or YouTube.

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Tate & Lyle returns to IFT FIRST Annual Event and Expo

moreirat — Tue, 25 Jun 2024 08:29:19 +0000

Tate & Lyle returns to IFT FIRST Annual Event and Expo moreirat Tue, 06/25/2024 - 08:29

25 Jun 2024

Tate & Lyle showcases scientific expertise and innovative ingredient solutions shaping the future of food at the IFT FIRST conference Booth 602.

Press Releases

Chicago, June 25, 2024 – Tate & Lyle, a world leader in ingredient solutions for healthier food and beverages, will return to the upcoming IFT FIRST Conference (Booth 602) in Chicago on July 14–17, 2024.

As a key participant in this leading global food technology event hosted by the Institute of Food Technologists (IFT), Tate & Lyle will demonstrate its pioneering role in food science and leadership in developing ingredient solutions for healthier food and beverages. Attendees can sample innovative prototypes that showcase Tate & Lyle's latest advancements. Tate & Lyle will also be the exclusive sponsor of the Scientiﬁc & Technical Forum: Health & Nutrition, which includes five dynamic and engaging interdisciplinary panel discussions with speakers from across the industry.

"At Tate & Lyle, we recognise that the future of food must be nutritious, accessible, sustainable, and delicious—and it's evolving rapidly,” emphasises Jessica Wilford, VP and North America’s Head of Category Planning and Development at Tate & Lyle. “Our presence at IFT FIRST enables us to highlight our innovations and technologies, empowering food and beverage manufacturers to stay agile in this dynamic industry."

Tate & Lyle will highlight its dedication to scientific expertise and innovative ingredient solutions. Initiatives include:

Tate & Lyle’s Solution Spotlight:

Join Tate Lyle at booth 602 for captivating 10-minute speaking sessions crafted to engage and enlighten attendees. Tate & Lyle’s Solution Spotlight will invite attendees to offer a glimpse into the innovations their experts have been driving behind the prototypes featured at IFT. Topics include:
- “Sweeteners and the Gut Microbiome: Research finds beneficial or no impact on the gut,” presented by Melissa Kaczmarczyk, Principal Nutrition Scientist
- “Crafting Consumer-Friendly Labels: The Addition & Subtraction Approach,” presented by Louisa White, Senior Insights Manager
- “Nailing Your Next Snack Texture” presented by Dr. Julia DesRochers, Sr. Principal Scientist, and Michael Merkley, Sr. Scientist
- “Architecture of Texture in Yogurt” presented by Alvaro Velasco, Dairy Category Development Manager
- “Tate & Lyle Sensation™: our new proprietary tool for mouthfeel formulation,” presented by Marcia Petit, Global Sensory Director
- “Protein Power Hour: No sugar added beef jerky” presented by Christine Kerekes, Sr. Research Chef

IFT First Individual Speaker Sessions: On Tuesday, July 16, join Tate & Lyle experts at IFT First Speaker Sessions:

Personalised Nutrition Across the Life Course: This presentation will explore how ﬁber fortiﬁcation can provide health benefits from childhood through adulthood that could be provided through personalised nutrition and technology. Room S401a, 2:30 p.m. - 2:50 p.m. with Melissa Kaczmarczyk, Principal Nutrition Scientist.
Food LEGO: Building Hollow Cage and Sheet Superstructures From Starch: This presentation will take a building block approach to designing super-ingredients that could reduce the costs and calories of future food. Room S401bc, 11:30 a.m. - 11:50 a.m. with Arkaye Kierulf, Sr. Research Scientist, Texturants.

Prototypes Showcasing Formulation Expertise:

Tate & Lyle will showcase ﬁve innovative prototypes demonstrating their formulation expertise in mouthfeel, sweetening, fortification, and responsiveness to changing consumer preferences.

These prototypes, including Falafel Veggie Bites with Harissa Aioli, Lassi Parfait, Elote Crunchers, and Dragon Fruit Kiwi Prebiotic Beverage, highlight Tate & Lyle's dedication to creating customised ingredient solutions across diverse categories. The booth will also host a ‘protein power hour’: July 15 & 16 at 2:00 p.m. and July 17 at 11:00 a.m. showcasing No Sugar Added Beef Jerky.

Ingredient Highlights

Pioneering the future of sweetness with Tate & Lyle’s extensive and growing range of stevia solutions. Try TASTEVA® M Stevia Sweetener in the parfait and beverage prototypes and elevate your formulations.
Unlocking the science of delicious nutrition with their versatile, complementary soluble fibres. Experience the benefits of PROMITOR® Soluble Fiber in the Dragon Fruit Kiwi Prebiotic Beverage.
Mastering mouthfeel with CLARIA G®, a more sustainable, clean-label starch with excellent performance and reduced environmental impact.

Leading the Charge for a Greener Future

Tate & Lyle is accelerating emission reductions to help customers meet their 2030 targets. In May, they announced ambitious new greenhouse gas (GHG) emissions reduction targets, to be delivered by 2028, consistent with reductions required to limit global warming to 1.5°C above pre-industrial levels, the most ambitious goal of the Paris Climate Agreement. Tate & Lyle’s new near-term science-based GHG emissions reduction targets have been validated by the Science Based Targets initiative (SBTi), the corporate climate action organisation that rigorously validates companies’ climate targets.

“Climate change is the greatest challenge facing our planet. Tate & Lyle is committed to playing our part and being a leader on climate action, collaborating closely with stakeholders across our value chain,” says Nick Hampton, Chief Executive of Tate & Lyle. Our new science-based 2028 targets, aligned to a 1.5°C trajectory, demonstrate our commitment to building a sustainable economy by doing not what is easy, but what is necessary.”

Tate & Lyle strives to increase its presence, foster impactful conversations, and position itself as the preferred partner for businesses seeking personalised ingredient solutions. Tate & Lyle welcomes attendees—food scientists, technologists, R&D managers, and product development specialists—to explore booth 602 at the IFT FIRST Conference. Discover their innovative solutions ﬁrsthand and meet the team shaping the future of the food and beverage industry.

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 3,300 employees working in around 58 locations in 39 countries, serving customers across 121 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 2024, Tate & Lyle revenue from continuing operations totaled £1.65 billion. For more information, please visit https://www.tateandlyle.com or follow Tate & Lyle on LinkedIn, X (Twitter), Facebook or YouTube.

Media Inquiries - For more information or to book an interview, please contact:

Eric Davis
Media Relations, Food PR - [email protected]" style="color:blue; text-decoration:underline">[email protected]
+1- 612-202-9407

Tasneem Dasoo
Media Relations - [email protected]" style="color:blue; text-decoration:underline">[email protected]

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Proposed combination of Tate & Lyle and CP Kelco to create a leading global speciality food and beverage solutions business

moreirat — Wed, 19 Jun 2024 22:31:22 +0000

Proposed combination of Tate & Lyle and CP Kelco to create a leading global speciality food and beverage solutions business moreirat Wed, 06/19/2024 - 22:31

20 Jun 2024

Press Releases

20 June 2024

Tate & Lyle PLC

(‘Tate & Lyle’)

Proposed combination of Tate & Lyle and CP Kelco to create
a leading global speciality food and beverage solutions business

Tate & Lyle announces that it has entered into an agreement to acquire the entire issued share capital of (i) CP Kelco U.S.; (ii) CP Kelco China; and (iii) CP Kelco ApS together with each of their respective subsidiaries (together ‘CP Kelco’), a leading provider of pectin, speciality gums and other nature-based ingredients, from J.M. Huber Corporation (‘Huber’) for a total implied consideration of US$1.8 billion (approximately £1.4 billion)¹, on a cash-free, debt-free basis (the ‘Proposed Transaction’).

Over the last six years, Tate & Lyle has been executing a major strategic transformation to become a growth-focused speciality food and beverage solutions business aligned to attractive structural and growing consumer trends for healthier, tastier and more sustainable food and drink. This transformation has included a much sharper focus on customers and key categories, increased investment in innovation and solution selling capabilities, and the significant strengthening of its Sweetening, Mouthfeel and Fortification platforms through new product development and acquisitions. This transformation was completed with the announcement on 23 May 2024 of the proposed sale of Tate & Lyle’s remaining interest in Primary Products Investments LLC (‘Primient’).

The Proposed Transaction significantly accelerates Tate & Lyle’s strategy to be a leading and differentiated speciality food and beverage solutions business, and to become the solutions partner of choice for customers. It is expected to drive stronger revenue growth and significant adjusted EBITDA margin improvement over the next few years. It is also expected to be accretive to adjusted earnings per share, including cost synergies only, in the second full financial year following completion, and strongly accretive thereafter.

TRANSACTION HIGHLIGHTS

Under the terms of the Proposed Transaction Tate & Lyle will acquire CP Kelco for total implied headline consideration at completion of US$1.8 billion (c.£1.4 billion)¹, subject to customary adjustments, consisting of:

US$1.15 billion (c.£905 million)¹ in cash from new and existing debt facilities and cash resources.
Issue of 75 million new Tate & Lyle ordinary shares² to Huber with an implied value of c.US$645 million³ (c.£510 million).
Deferred consideration of up to 10 million additional Tate & Lyle ordinary shares² to be delivered to Huber approximately two years post-completion of the Proposed Transaction, subject to performance criteria⁴ based on Tate & Lyle’s share price.

The total implied headline consideration represents⁵ 10x CP Kelco’s adjusted EBITDA for the year ended 31 December 2023 including run-rate cost synergies.
The Proposed Transaction is expected to deliver significant synergies:

Targeted run-rate cost synergies of at least US$50 million (£40 million)¹ by the end of the second full financial year post-completion.
In addition, reflecting the strong complementarity of the two businesses, the combination is expected to generate revenue synergies of up to 10% of CP Kelco’s revenue over the medium term, underpinning the acceleration in top-line growth of the enlarged Tate & Lyle.

Huber will become a long-term shareholder (c.16%)⁶ in Tate & Lyle following completion. The potential for Huber to become a long-term shareholder and participate in the future value creation from the combination of the two businesses was central to unlocking a transaction. Huber will be entitled to appoint two non-executive directors to the Tate & Lyle Board subject to Huber maintaining certain minimum shareholding thresholds in Tate & Lyle.
The Proposed Transaction is expected to complete in the fourth quarter of the 2024 calendar year.

STRATEGIC RATIONALE

The Proposed Transaction combines two highly complementary businesses – Tate & Lyle, a leader in Sweetening, Mouthfeel and Fortification, and CP Kelco, a leader in pectin and speciality gums – to create a leading, global speciality food and beverage solutions business.
Creates a leader in Mouthfeel, a critical driver of customer solutions, and strengthens Tate & Lyle’s expertise across its three core platforms of Sweetening, Mouthfeel and Fortification.
The combined product portfolio, technical expertise and complementary category offering delivers a compelling customer proposition, significantly enhancing Tate & Lyle’s solutions capabilities and increasing the opportunity to benefit from growing global consumer demand for healthier, tastier and more sustainable food and drink.
Expands Tate & Lyle’s offering in its large (US$19 billion⁷) and fast-growing (6% CAGR⁷)speciality food and beverage ingredients addressable market, and unlocks further growth opportunities in its core and adjacent markets.
Accelerates R&D and innovation through the combination of world-class scientific, technical and applications expertise, driving the development of new plant-based ingredients and solutions.
The combination is underpinned by a shared purpose, values and culture, and a mutual belief in Tate & Lyle’s commitment to science, solutions and society.

FINANCIAL EFFECTS

The Proposed Transaction accelerates the delivery of Tate & Lyle’s strategy to create a higher growth business underpinned by an attractive financial algorithm, including:

Drive revenue growth towards higher-end of Tate & Lyle’s 4%-6% per annum ambition⁸:
- Industry growth: Increasing consumer demand for healthier, tastier and more sustainable food and drink.
- Broader offering: Accelerate growth from complementary portfolios, platforms and categories.
- Stronger capabilities: Enhanced capabilities to increase innovation and solution selling to customers.
Drive significant adjusted EBITDA margin improvement over the next few years:
- Cost synergies: Targeted run-rate cost synergies of at least US$50 million (£40 million) over the two full financial years following completion.
- Margin improvement: Phased recovery in profitability of CP Kelco.
- Solution selling: Margin accretive solution selling from two or more years.
Target to consistently exceed 75% free cash flow conversion⁹.

The Proposed Transaction is expected to be accretive to adjusted earnings per share, including cost synergies only, in the second full financial year following completion, and strongly accretive thereafter.
Return on invested capital (ROIC) expected to exceed Tate & Lyle’s weighted average cost of capital (WACC) in the fifth full year following completion.
Targeted run-rate cost synergies of at least US$50 million (£40 million) by the end of the second full financial year following completion, with 50% – 60% (or c.US$25 million) of cost synergies to be realised by the end of the first full financial year following completion. The cost to deliver these synergies is estimated to be around US$75 million. There is also significant opportunity to accelerate revenue growth and, over the medium term, we are targeting revenue synergies of up to 10% of CP Kelco’s revenue.
Net debt to EBITDA leverage anticipated to be approximately 2.3x¹⁰ at the financial year-end following completion, with strong cash generation thereafter. Tate & Lyle remains within its 1.0x to 2.5x long-term target net debt to EBITDA leverage range with the capacity and flexibility for further investment.
No change to Tate & Lyle’s existing approach to capital allocation and dividend policy; Tate & Lyle remains committed to maintaining a strong and efficient balance sheet.
The recently announced US$270 million (c.£215 million) share buyback programme, previously to follow completion of the sale of the remaining interest in Primient, will start today.

COMMENTING ON THE COMBINATION:

Nick Hampton, Chief Executive, Tate & Lyle said:

“A combination with CP Kelco is the perfect fit with Tate & Lyle’s growth-focused strategy and purpose. It significantly strengthens our Sweetening, Mouthfeel and Fortification platforms, enhances our solutions capabilities across our four core categories, and unlocks new growth opportunities. Together, we will have a compelling customer proposition. With our leading portfolio of speciality ingredients and a world-class team of food science experts, we will be uniquely placed to provide our customers with the solutions they need to meet growing consumer demand for healthier, tastier and more sustainable food and drink.

We’ve been collaborating with CP Kelco on innovation projects for many years and are very aware of their excellent products and the outstanding capabilities of their people. We are excited about the opportunities the combination will create for customers across the world, and the opportunities for employees in both companies to develop their careers across a broader global business.

Following on from the announcement of the proposed sale of our remaining interest in Primient last month, the proposed combination with CP Kelco represents a significant acceleration of our growth-focused strategy. It creates a leading, global speciality food and beverage solutions business, ideally placed to benefit from the structural trends towards more plant-based, clean-label and sustainable ingredients and solutions. The growth potential of the proposed combined business is significant and we look forward to the future with confidence and excitement.”

David Hearn, Chair, Tate & Lyle said:

“Today’s announcement represents a major acceleration in the delivery of Tate & Lyle’s growth-focused strategy and the Board is very excited about the opportunities ahead. Our strong management team has all the right capabilities to drive significant value from this transaction for the benefit of our shareholders, customers and employees. We are delighted that, looking ahead, Huber will become a new long-term shareholder in Tate & Lyle. We look forward to welcoming their two new non-executive directors to our Board, and to working with them, and our other shareholders, to progress the enlarged company’s growth strategy.”

Didier Viala, President, CP Kelco said:

“We are delighted to be joining with Tate & Lyle to create a leading and differentiated speciality food and beverage solutions business. CP Kelco and Tate & Lyle are both highly customer-focused businesses with a shared passion for science and innovation. With our complementary portfolio and deep technical expertise, we will bring new value to our customers and new opportunities for our employees. This is an exciting time for our combined businesses.”

Gretchen W. McClain, President & CEO, J.M. Huber Corporation said:

“Together, Huber and Tate & Lyle are taking a bold and strategic move by creating a combined entity well-positioned with scale to be the driving force behind the future of food and wellness. Huber has been an excellent steward of CP Kelco for the past 20 years with a relentless pursuit to growing and creating value as a leading provider of nature-based, specialty ingredient solutions. This step unlocks the full value of CP Kelco and our long-term partnership as a shareholder in Tate & Lyle signifies Huber’s long-term desire to remain engaged in the attractive food and beverage market. Our collective rich histories and depth of experience combined with our shared purpose, values and commitment to our customers, employees, and communities will enhance future value for all stakeholders.”

STEPS TO COMPLETION

The Proposed Transaction constitutes a Class 1 transaction for Tate & Lyle under the UK Listing Rules and is, therefore, as at the date of this announcement, conditional on the approval of Tate & Lyle’s shareholders. As indicated by the Financial Conduct Authority (‘FCA’), the UK Listing Rules are expected to change in the coming weeks, such that the requirement for a shareholder vote for a Class 1 transaction would no longer apply. The Proposed Transaction is not conditional on the approval of Huber’s shareholders.

The Proposed Transaction is conditional on receipt of certain customary regulatory approvals. It is expected to complete in the fourth quarter of the 2024 calendar year.

SHARE BUYBACK PROGRAMME

On 23 May 2024, Tate & Lyle announced the intention to return the net cash proceeds of US$270 million (c.£215 million) from the sale of its remaining interest in Primient to shareholders through an on-market share buyback programme. Previously, this programme was due to start following completion of the Primient sale, but it will now start today. We continue to expect completion of the Primient sale to occur before the end of July 2024.

––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Based on GBP:USD foreign exchange rate of £1:$1.2723, as at 5pm BST on 19 June 2024.
Tate & Lyle shares are ordinary shares with a nominal value of 29 1/6 pence each.
Value of shares based on Tate & Lyle share price of 677.0p per share as at close of trading on 19 June 2024.
Deferred share consideration contingent on Tate & Lyle’s volume-weighted average price for the 30 trading days ending on and including the date that is two years following completion of the Proposed Transaction, with the full 10 million shares to be issued if Tate & Lyle’s share price over such period is at least £10, and no deferred share consideration will be payable if Tate & Lyle’s share price over such period is £8.50 or below.
Acquisition multiple calculated based on purchase price of US$1.8 billion, divided by adjusted EBITDA of US$131 million for the financial year ending 31 December 2023 (in accordance with US GAAP) and US$50 million of run-rate cost synergies.
Based on 401,694,461 shares in issue on 31 March 2024 and including the 75 million Tate & Lyle shares to be issued to Huber at completion of the Proposed Transaction.
Speciality ingredient market, market research data, Tate & Lyle and BCG analysis; estimate value growth 2022-26; CAGR is compound annual growth rate.
Multi-year ambition to 31 March 2028.
Free cash conversion calculated as: free cash flow before capital expenditure divided by adjusted EBITDA.
Leverage of 2.3x excludes the impact of any liability required to be recognised in relation to deferred share consideration.

PRESENTATION TO ANALYSTS AND INVESTORS TODAY

Presentation only

A presentation by Nick Hampton, Chief Executive, Tate & Lyle, and Dawn Allen, Chief Financial Officer, Tate & Lyle, will be available to view on our website from 07.00 (BST) today. To access the presentation, click here. Please note that the Q&A will not be accessible via this link.

Presentation and Q&A

The presentation will be live streamed at 08.30 (BST) and will then be followed by a live Q&A session with Nick Hampton, Chief Executive and Dawn Allen, Chief Financial Officer. To view and listen to this video webcast and Q&A, click here.

Please note that only sell-side analysts and any pre-registered buy-side investors will be able to ask questions during the Q&A session. Sell-side analysts will be automatically pre-registered. To pre-register, please contact [email protected]">[email protected].

The archive version of the presentation with Q&A will be available within two hours of the end of the live broadcast. To access this version, click here.

The preceding summary should be read in conjunction with the full text of the announcement below.

The person responsible for arranging the release of this announcement on behalf of Tate & Lyle is Claire-Marie O’Grady, Company Secretary.

FOR FURTHER INFORMATION PLEASE CONTACT:

For Tate & Lyle PLC:

Investors and Analysts

Christopher Marsh, VP Investor Relations

Tel: Mobile: +44 (0) 7796 192 688

Media

Nick Hasell, FTI Consulting

Tel: Mobile: +44 (0) 7825 523 383

Tel: Office: +44 (0) 203 727 1340

[email protected]">[email protected]

About Tate & Lyle:

We have more than 3,300 employees working in around 58 locations across 121 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 2024, Tate & Lyle revenue from continuing operations totalled £1.65 billion. For more information, please visit https://www.tateandlyle.com or follow Tate & Lyle on X(Twitter), LinkedIn, Facebook or YouTube.

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Tate & Lyle launches new digital Nutrition Centre

mattwagg — Wed, 24 Feb 2021 09:41:20 +0000

Tate & Lyle launches new digital Nutrition Centre mattwagg Wed, 02/24/2021 - 09:41

24 Feb 2021

24 February 2021, London, UK: Tate & Lyle PLC (Tate & Lyle), a leading global provider of food and beverage ingredients and solutions, announces the launch of the Tate & Lyle Nutrition Centre, a new digital hub providing easy access to authoritative science on ingredients that can help address public health challenges.

Press Releases

The Tate & Lyle Nutrition Centre aims to increase awareness of evidence-based science for ingredients including low- and no- calorie sweeteners and dietary fibres, and their role in a healthy, balanced diet. Accessible via www.tateandlyle.com/nutrition-centre, the hub houses expert insights, research and educational tools for food and beverage companies, scientists and health professionals.

Visitors to the Tate & Lyle Nutrition Centre can access:

Pre-clinical and clinical research conducted or supported by Tate & Lyle scientists, often carried out with leading universities across the globe, providing key scientific evidence about Tate & Lyle’s ingredients and their impact on gut health, blood glucose management, metabolism, gut microbiome, weight management, bone health, and overall health.
White papers, articles and events on a range of nutrition topics such as glycemic response and synbiotics, the science around how ingredients relate to health, and diet trends such as sports nutrition, and keto and low-carb diets.
External research, nutrition guidelines, and advice, initiatives and developments published by global authorities in the area of nutrition and health such as the World Health Organization.

The Nutrition Centre was developed by Tate & Lyle’s Global Nutrition Team which drives the Company’s science research programme and supports food and beverage companies from its bases in the UK, US, Brazil and Singapore.

Dr Kavita Karnik, Global Head, Nutrition & Regulatory Affairs at Tate & Lyle, said: “With global obesity and diabetes rates rising, there is a great deal of interest from industry, governments, and the health and science communities in food and beverage ingredients with proven health benefits, such as weight management and gut health. Scientific knowledge around ingredients continues to grow, with exciting emerging research pointing to additional health benefits, such as the role some fibres can play supporting immune system function and metabolic health.

“With our new digital Nutrition Centre, we have made it easier for our customers and the wider industry, as well as peers in the nutrition and science world, to access high-quality research content that informs product development, adds to the evidence-base, and supports healthy living.”

END

For more information contact:
Anna Taylor-Elphick
[email protected]">[email protected]
+44(0)7766361515

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Partnering with Nestlé to address Brazil’s fibre gap

mattwagg — Mon, 18 Jan 2021 11:29:53 +0000

Partnering with Nestlé to address Brazil’s fibre gap mattwagg Mon, 01/18/2021 - 11:29

18 Jan 2021

As in many countries worldwide, consumers in Brazil do not get enough fibre from their diets. In fact, even when compared with other Latin American countries such as Mexico and Chile, consumption is particularly low and well under the recommended 25g per person per day.

Company Stories

To help address this fibre gap, we partnered with our customer Nestlé to connect local health professionals with leading fibre expertise through a digital education programme. Renata Cassar, Tate & Lyle Nutrition Manager in Latin America, who led the initiative, shares the details.

“Despite having a national diet that is traditionally rich in fruit, vegetables and legumes, consumers today are not getting enough fibre, which means they’re missing out on the many benefits fibre brings such as helping to maintain a healthy weight and supporting gut health,” Renata explained. “Through conversations with peers in the nutrition community, I found there was an appetite for more information on the role fibre plays in a healthy diet and was excited to work with our customer Nestlé to see how we could help.”

By partnering with Nutrição em Pauta, a leading nutrition education platform, Tate & Lyle and Nestlé supported a free seminar series for health professionals and industry professionals in Brazil entitled: ‘Dietary fibres: benefits that go beyond gut health’. The course content, including videos, presentations, and expert Q&As, was developed and delivered by three nutrition academics from leading institutions in Brazil, including:

Dra Leila Hashimoto, Faculty of Public Health graduate with a PhD in Food Science from the Faculty of Pharmaceutical Sciences at the University of São Paulo (USP).
Prof. Dra Carolina Pimentel, nutritionist with a PhD in Nutrition Sciences from USP, and Full Professor and Researcher at UNIP Universidade Paulista.
Prof. Dra Lara Natacci, nutritionist, master and doctor from the Faculty of Medicine of USP.

“We were very pleased with the take-up in the course, which ran towards the end of 2020, and attracted 6,240 participants with high level of engagement over the three modules,” Renata continued. “The vast majority (87%) of those taking part work were health professionals, around half (51%) in clinical nutrition roles, suggesting there is a real demand for this type of content that supports continued professional development and taps into the latest nutrition science.

“A key priority of Tate & Lyle’s global nutrition team is to work with independent experts to build the knowledge-base around our ingredients, including our fibres, so we can help our customers, health professionals, and the public to understand the role they can play to support healthy living,” Renata concluded.

“By using digital platforms to make this and the wider evidence-base around fibres more accessible, we can build nutrition knowledge and help deliver our purpose – Improving Lives for Generations – by enabling healthier choices.”

Key details:
Entitled: 'Dietary fibres: benefits that go beyond gut health' Developed for health professionals 6,240 course subscribers Content well-received with 98% grading the series <8/10

Subscriber feedback:

"Very good! Clear, simple, objective, with lots of practical information." - Clinical Dietitian

"Thank you for this excellent course!" - Nutrition student

"Congratulations and thanks for the lessons, they were excellent!" - Clinical Dietitian

About Renata

Renata Cassar, MPH, MBA is the Nutrition Manager for Latin America on the Global Nutrition Team. Renata has a Bachelor Degree in Nutrition & Dietetics and a Master’s Degree in Public Health Nutrition from the School of Public Health at the University of São Paulo – FSP/USP, a Specialization Certificate in Marketing from the School of Advertising & Marketing, ESPM and an MBA in Business Management from AMU Laureate / Business School São Paulo.

Learn more about Renata and the Global Nutrition team here!

Contact our team of nutrition experts to take new, innovative and informed strides in global nutrition.

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Tate & Lyle supports food and beverage businesses to help tackle diabetes

TaylorA — Tue, 13 Nov 2018 17:35:07 +0000

Tate & Lyle supports food and beverage businesses to help tackle diabetes TaylorA Tue, 11/13/2018 - 17:35

14 Nov 2018

World Diabetes Day is a time for food and beverage businesses to accelerate actions to support healthier diets and lifestyles.

Press Releases

London, UK 14 November 2018: Tate & Lyle PLC (Tate & Lyle), a leading global provider of food and beverage ingredients and solutions, is proud to work with customers worldwide to improve the healthiness of the food supply. World Diabetes Day provides an opportunity for food and beverage businesses to consider what more they can do to support global efforts to tackle Type 2 diabetes

Making food and beverages healthier: Tate & Lyle has a comprehensive no and low calorie sweetener portfolio that includes products like SPLENDA^®Sucralose and DOLCIA PRIMA^® Allulose and a full line of stevia products through its partnership with Sweet Green Fields. With this toolkit, Tate & Lyle is helping customers to create new foods, as well as reformulate existing consumer favourites, that are lower in calories and sugar, but still maintain their great taste. For example, since its discovery over 40 years ago, the amount of SPLENDA^® Sucralose produced by Tate & Lyle has been enough to replace over 21 million tonnes of sugar in the human diet. That is the equivalent of removing over 85 trillion calories from consumers’ diets globally. SPLENDA^®Sucralose has been, and continues to be, an important ingredient in helping people with diabetes enjoy sweet foods and beverages without impact on blood glucose levels.

Developing innovative new low calorie ingredients: Tate & Lyle is continuing to innovate, in line with consumer demand and societal need, to provide ingredients that make food and beverages healthier. For example, plant-based solutions such as stevia deliver a sugar like experience while reducing calories and helping to manage blood glucose levels.Tate & Lyle is committed to helping those people who live with diabetes to have access to nutritious, reduced sugar foods and beverages they can enjoy. The latest addition, TASTEVA ^®M Stevia Sweetener, is a new label-friendly stevia sweetener that starts from the leaf and tastes remarkably like sugar.

Supporting nutrition bodies in the community: Tate & Lyle is building relationships with nutrition bodies to share its knowledge and expertise with those in the field as well as making sure resources are available to support healthier, more balanced diets and active lifestyles.

For instance, Tate & Lyle is working with the Shanghai Nutrition Society, a Government-guided specialist nutrition organisation, to help 1,000 children in two Shanghai schools to learn about healthy diets and lifestyles. Students aged between six and nine benefit from healthier lunches, nutrition and health education, and increased physical activity during the two-year programme. Tate & Lyle’s food scientists, nutrition experts and other employees host teachers, students and their families at the company’s food kitchen in Shanghai each month where they explain nutrition principles and demonstrate how to make nutritious and delicious meals.

Dr Kavita Karnik, VP Global Nutrition at Tate & Lyle, said:

“According to the International Diabetes Federation (IDF), one in 11 people are currently living with diabetes globally and this number is expected to rise to 522 million by 2030. While these statistics may sound grim, there is good news – by taking proactive steps to adopt a healthier lifestyle now, IDF estimates that 80 percent of Type 2 diabetes cases can be prevented. And that’s where we believe Tate & Lyle can help to make a positive and lasting difference. Our purpose is to improve lives for generations by providing ingredients and solutions which help people make healthier and tastier choices when they eat and drink, and lead a more balanced lifestyle.

“Every food and beverage business must step up to help tackle obesity and diabetes and, with other partners, deliver a much needed step-change in global diets and lifestyles. We are proud to help customers to adapt their products and deliver health benefits. Given the scale of the challenge, we all need to push ourselves to think creatively about what more we can do to help move the needle on obesity and diabetes.”

ENDS

Media contact:

Anna Taylor
Corporate PR Manager
07766361515 / [email protected]">[email protected]

Imran Nawaz appointed Chief Financial Officer

TaylorA — Mon, 16 Apr 2018 19:50:45 +0000

Imran Nawaz appointed Chief Financial Officer TaylorA Mon, 04/16/2018 - 19:50

17 Apr 2018

Tate & Lyle PLC (Tate & Lyle) is pleased to announce the appointment of Imran Nawaz to the position of Chief Financial Officer, and to the Board of Tate & Lyle, with effect from 1 August 2018. He succeeds Nick Hampton in that role, who, as announced on 16 January 2018, was appointed Chief Executive of Tate & Lyle from 1 April 2018.

Press Releases

Imran Nawaz joins Tate & Lyle from Mondelēz International where he has been Senior Vice President Finance Europe since 2014.

Prior to that, during a 16-year career at Mondelēz and Kraft Foods, he held a number of senior financial roles across Europe, the Middle East and Africa.

Nick Hampton, Chief Executive said: "I am delighted to welcome Imran to Tate & Lyle and the executive team. He brings with him deep experience of the global food industry, and a proven track record of financial leadership. I very much look forward to working with him as we continue to drive the Company’s growth agenda.”

Gerry Murphy, Chairman of Tate & Lyle said: “Imran’s broad financial, business and international experience will be of great value to Tate & Lyle, and he is a very welcome addition to our Board.”

End

For more information contact Tate & Lyle PLC:

Christopher Marsh, Group VP, Investor Relations
Tel: +44 (0) 20 7257 2110 or Mobile: +44 (0) 7796 192 688

Andrew Lorenz, FTI Consulting (Media)
Tel: +44 (0) 20 3727 1323 or Mobile: +44 (0) 7775 641 807

Notes:

1) Imran Nawaz’s Biography

Imran Nawaz started his career with the auditing firm, Deloitte, in New York where he spent three years. In 1997, Imran joined Philip Morris in Corporate Audit before moving to Kraft Foods initially to work in Global Supply Chain Finance in London and then as a Regional Financial Controlling Manager based in Vienna. In 2005, he was appointed Finance Director, Middle East & Africa, and then Category Finance Director, Cheese & Grocery Europe in 2007 and Vice President Finance Chocolate Europe in 2009. In 2013, he became Vice President Finance Eastern Europe, Middle East, and Africa before being appointed as Senior Vice President Finance Europe in 2014, based in Zurich, Switzerland. Imran holds a Bachelor of Science in Accountancy at Lehigh University, Bethlehem, Pennsylvania, US.

For rights free photos of Imran Nawaz, please contact [email protected] or call +44 (0)207-257-2209 or +44 (0)207-257-2100.

2) Remuneration Arrangements

Imran Nawaz has been appointed on an annual salary of £470,000. This will next be reviewed in April 2019. He will also receive a company contribution to his pension plan of 20% of base salary. He will also be eligible for a bonus under Tate & Lyle’s discretionary bonus scheme. The bonus scheme currently provides for a bonus paid at 50% of salary at target and a maximum opportunity of 175% of salary. Bonus awards are subject to performance conditions and awards in excess of 100% of salary are currently made as shares which are released after 24 months. His bonus participation in the financial year ended 31 March 2019 will be on a time pro-rated basis.

Imran will be eligible to receive a Performance Share Plan (PSP) award of up to 300% (maximum) of base salary which will be subject to a three-year performance period. He is required to accumulate a shareholding in Tate & Lyle equivalent to three times base salary within five years of joining the Company.

To compensate Imran for incentive awards that he will forfeit at Mondelēz International, Tate & Lyle will make him a one-off Restricted Stock Award (RSA) of £800,000 worth of shares in Tate & Lyle (delivered in two equal tranches on the first and second anniversaries of his employment with Tate & Lyle) subject to achievement of performance conditions based on individual objectives. In 2018, he will receive a PSP award at 300% of his full annual salary subject to normal PSP performance conditions. The RSA and 2018 PSP awards will be subject to forfeiture/repayment if he ceases to be employed in the first 36 months of employment due to his resignation or dismissal for cause.

Imran will receive relocation assistance and a taxable allowance of £200,000 (gross) to mitigate expenses of relocating from Switzerland to UK in line with the Company’s policy.

3) Other matters

In accordance with paragraph 9.6.13 of the Financial Conduct Authority’s Listing Rules, the Company confirms that:

i) Imran Nawaz has not held any directorship in any publicly quoted company at any time in the past five years; and

ii) There are no further disclosures to be made pursuant to paragraph 9.6.13 of the Financial Conduct Authority’s Listing Rules.

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About Renata

Tate & Lyle supports food and beverage businesses to help tackle diabetes

Imran Nawaz appointed Chief Financial Officer