Tue, 27 Apr 2021 | DIVISION SALE
Tate & Lyle has revealed it is talking to a number of potential buyers as it prepares to sell its sweeteners division.
In a bid to move towards healthier food products, the 162-year-old company is in "early stage" talks with new partners regarding the sale of a controlling stake in the business, which generates around £1.8 billion of the firm's £2.9 billion revenue.
Tate & Lyle sold its sugar business - which included Lyle's Golden Syrup - in 2010. Now the primary products division, which sells artificial sweeteners used in soft drinks and industrial starches, will be separated from the food and beverage solutions business, which contributes around £942 million in sales to the company.
Commenting on the potential sale, a company spokesperson said: "Tate & Lyle notes recent media speculation and confirms that it is in the process of exploring the potential to separate its food and beverage solutions and primary products businesses through a sale of a controlling stake in its primary products business to a new long-term financial partner."
According to the company, the split will allow the business to focus on new priorities as it seeks to expand in different directions using profit generated by the stake sale.
"Tate & Lyle continues to successfully execute its strategy and remains confident in the future growth prospects of the company," it said. "However, the board believes that if a transaction of this nature was completed it would enable Tate & Lyle and the new business to focus their respective strategies and capital allocation priorities and create the opportunity for enhanced shareholder value."
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