Tate & Lyle expands its Food Systems business in Latin America through new joint venture
London, UK, 8 December 2014 – Tate & Lyle PLC (“Tate & Lyle”), a leading global provider of speciality food ingredients and solutions, is pleased to announce the establishment of a joint venture with Gemacom Tech Indústria e Comércio S.A. (“Gemacom Tech”) through the acquisition by Tate & Lyle of a majority equity interest in Gemacom Tech.
Founded in 1990, Gemacom Tech is the leading domestically-owned Food Systems business in Brazil, operating from two blending facilities and laboratories in the state of Minas Gerais, about 200km north of Rio de Janeiro. Gemacom Tech provides stabilizer systems and ingredient blends for customers across Brazil and some other South American countries, predominantly in the dairy category.
The transaction to establish the new joint venture, which will be known as Tate & Lyle Gemacom Tech, was completed on 4 December 2014. Tate & Lyle has an option to acquire the remaining equity interest in Gemacom Tech at a later stage. Gemacom Tech has annual sales of around US$30 million.
Joan Braca, President, Speciality Food Ingredients, Tate & Lyle said: “The combination of Tate & Lyle’s global blending capabilities and recipe know-how with Gemacom Tech’s strong local expertise and infrastructure provides us with an excellent platform on which to grow our Food Systems business in Brazil and across South America.”
Henrique de Castro Neves, General Manager, Gemacom Tech, who will also be General Manager of Tate & Lyle Gemacom Tech said: “Tate & Lyle and Gemacom Tech are two highly complementary businesses with the same focus on quality and customer service. Together, we will be able to offer our customers a significantly enhanced range of products and technical expertise”.
Notes to editors
About Tate & Lyle:
Tate & Lyle is a global provider of ingredients and solutions to the food, beverage and other industries, with operations in over 30 locations worldwide.
Tate & Lyle operates through two global divisions, Speciality Food Ingredients and Bulk Ingredients, supported by our Innovation and Commercial Development group. The Group's strategy is to become a leading global provider of Speciality Food Ingredients through a disciplined focus on growth, and by driving Bulk Ingredients for sustained cash generation to fuel this growth.
Speciality Food Ingredients consists of three platforms: Texturants, which includes speciality starches and stabilisers; Sweeteners, which comprises nutritive sweeteners and our range of no-calorie sweeteners including SPLENDA® Sucralose; and our Health and Wellness portfolio which includes speciality fibres and our salt-reduction offering. Additionally, our Food Systems business provides a wide variety of blended ingredient solutions.
Tate & Lyle Bulk Ingredients includes bulk sweeteners, industrial starches and fermentation products (primarily acidulants). Corn 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 2014, Tate & Lyle sales totalled £3.1 billion. For more information, please visit http://www.tateandlyle.com.
SPLENDA® is a trademark of McNeil Nutritionals, LLC.
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