Tate & Lyle enters into agreement with Jamaican government for supply of raw sugar
Tate Lyle announces that it has entered into a pre-financing agreement with the Jamaican government for the supply of raw sugar. The agreement requires the supply of 100,000 tonnes of raw sugar to Tate Lyle during the 2011 calendar year, of which approximately 40 percent is expected to be received during Tate Lyle's financial year ending 31 March 2011.
Ian Bacon, Chief Executive, Tate Lyle Sugars commented: “We are delighted to have concluded this agreement which continues our long history of partnership with the Jamaican sugar industry. The agreement represents another important step towards meeting the strategic supply objectives of our European Sugars business."
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 2013, Tate Lyle sales totalled £3.3 billion. http://www.tateandlyle.com. SPLENDA® is a trademark of McNeil Nutritionals, LLC
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