Tate & Lyle announces investment in sugar joint venture in the People’s Democratic Republic of Lao
Tate Lyle announces today a £2 million investment to acquire a 10% shareholding in Mitr Lao Sugar, a joint venture with leading Asian sugar manufacturer, Mitr Phol Group. Mitr Lao Sugar plans to invest a total of £58 million to produce sugar in the People’s Democratic Republic of Lao ("Lao PDR"). Mitr Lao Sugar will grow sugar cane and construct and operate a new sugar mill in the Savannakhet region of Lao PDR. The mill will have an initial capacity of 5,000 tonnes rising to 10,000 tonnes of cane per day. Lao PDR will be eligible to export sugar duty free into the EU under the Everything But Arms initiative with effect from 1 July 2009. Raw sugar shipped to the EU by Mitr Lao Sugar will be refined by Tate Lyle.
Ian Bacon, Chief Executive of Tate Lyle's Sugars, Europe division, said: "I am delighted to announce this joint venture with our partner Mitr Phol Group, with whom we have worked for many years in Asia. By joining forces we have created a valuable investment and secured a reliable, long-term supply of raw sugar to our refineries in the EU. This is a good example of how Tate Lyle is responding to changes in the EU sugar market."
Tate Lyle operates through two global business units, Speciality Food Ingredients and Bulk Ingredients, supported by Innovation and Commercial Development. The Group's strategy is to become the leading global provider of Speciality Food Ingredients through a disciplined focus on growth, and by driving the Bulk Ingredients business for sustained cash generation to fuel this growth.
Speciality Food Ingredients include starch-based speciality ingredients (corn-based speciality starches, sweeteners and fibres), no calorie sweeteners (including SPLENDA® Sucralose) and Food Systems which provides blended ingredient solutions. Bulk Ingredients include corn-based bulk sweeteners, industrial starches and fermentation products (primarily acidulants). The co-products from both divisions are primarily sold as animal feed.
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 2012, Tate Lyle sales totalled £3.1 billion. http://www.tateandlyle.com. SPLENDA® is a trademark of McNeil Nutritionals, LLC
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
