Tate & Lyle plc

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Retailers dig deep to find growth in a difficult climate

15 Oct 2003

These are tough trading times with fierce competition and fragile consumer confidence. And yet these are the conditions in which outstanding talent can shine and in which some companies continue to drive double-digit growth. Catherine Sleep reports back from IGD’s annual convention for the retail sector.

UK: Tate & Lyle sees H1 profit in line with expectations

24 Sep 2003

UK sugar and sweetener group Tate & Lyle has said it expects its first-half profit to be in line with expectations.

EU: Changes to EU sugar regime could hit ABF, Danisco profits

22 Aug 2003

Proposed changes to the European Union's sugar subsidy system could hit the profits of some of the region's main sugar processing firms, according to investment bank Goldman Sachs.

FRANCE/UK: Tate & Lyle completes sale of French unit, issues trading update

1 Aug 2003

UK sugar and sweetener firm Tate & Lyle has announced that it has completed the sale of its French monosodium glutamate production unit to Japanese seasoning company Ajinomoto.

UK: Tate & Lyle posts 18% rise in annual profit

5 Jun 2003

UK sugar and sweetener group Tate & Lyle has posted an 18% rise in annual profit, beating forecasts. Headline pre-tax profits increased to £187m (US$306.2m) for the year to 31 March, while underlying profit before exceptional items and goodwill amortisation rose 43% to £228m, beating forecasts of £205-216m.

UK: Tate & Lyle to increase Krystar manufacturing capacity

4 Apr 2003

UK sugar and sweetener manufacturer Tate & Lyle has announced a 20% increase in the capacity of its Krystar crystalline fructose plant operated by the A E Staley Manufacturing Company in Lafayette, Indiana.

UK: Tate & Lyle reports good trading at Staley and Amylum

27 Mar 2003

UK sugar and sweetener group Tate & Lyle has reported generally good trading at its two main starch and sweetener businesses, Staley in the US and Amylum in Europe.

UK: Tate & Lyle names new CEO

24 Mar 2003

UK sugar and sweeteners company Tate & Lyle has announced that Iain Ferguson is to become the company’s new chief executive officer.

CHINA/UK: Tate & Lyle sells Well Pure unit for £5m

12 Dec 2002

UK sugar and sweeteners group Tate & Lyle has announced the sale of its Well Pure unit to a group of private Chinese investors.

FRANCE/JAPAN/UK: Tate & Lyle to sell French unit to Ajinomoto

21 Nov 2002

UK sugar and sweeteners group Tate & Lyle has said that it has sold its monosodium glutamate production unit in France to Japanese seasonings company Ajinomoto.

UK: Tate & Lyle profits exceed expectations

7 Nov 2002

UK sugars and sweeteners group Tate & Lyle reported that its first-half profits doubled to £126m (US$197.5m). The company reported underlying pre-tax profit for the six months ending 30 September of £126m, up 97% from last year’s £64m profit and beating analysts’ forecasts of £109-112m.

UK: Tate & Lyle eyes robust H1 results

26 Sep 2002

UK starch, sugar and sweeteners group Tate & Lyle today [Thursday] issued a positive forecast for first half results, but added that higher sweetener prices would be vital to maintaining profit growth in the second half. The group said first half results should be well above the year-ago period, as trading in the first five months had outstripped expectations.

UK: Market response strong to Tate & Lyle's £200m bond issue

18 Jun 2002

UK sugar and starch company Tate & Lyle has issued £200m (US$296.6m) of bonds. The deal was lead managed by Schroder Salomon Smith Barney (SSSB), together with HSBC. SSSB said that investors had reconfirmed their orders after CEO Larry Pillard stood down. The bond deal had been scheduled for last week but was delayed after Pillard announced he would step down.

UK: Tate & Lyle returns to profit, reduces debt

7 Jun 2002

UK sugar and starch group Tate & Lyle returned to profit today [Friday] and said it had slashed its debt by more than a third as it sold underperforming businesses and enjoyed a rebound in starch prices. Tate & Lyle reported profit before tax, but after exceptional items and goodwill, of £159m (US$232m) for the year to 31 March, slightly above analysts' forecast range.

UK: Tate & Lyle sells US sugar operations

1 May 2002

British sugar and sweetener giant Tate and Lyle Plc has today [Wednesday] sold its US sugar division, Western Sugar Co, to the Rocky Mountain Sugar Growers Cooperative. The two companies had finally settled on a buyout worth US$85m, after a deal that included an asking price of US$96m fell through in January.

UK: Tate & Lyle target raised on positive trading statement

28 Mar 2002

Following the release of a positive trading statement by British sugar and sweeteners giant Tate & Lyle, investment bank Goldman Sachs today [Thursday] raised its price target to 290p (US$4.12) from 270p. The investment bank retained its “market underperform” rating, however.

UK: Tate & Lyle completes sales of stake in East Asia Properties

5 Mar 2002

UK sugar and sweeteners giant Tate & Lyle PLC revealed earlier today [Tuesday] that it has completed the sale of its 15% stake in East Asia Properties (EAP). The stake was sold for £3.6m (US$5.11m) to East Asia Sugar Investment Ltd, which is a subsidiary of AEP’s majority shareholder, the Mitr Phol Sugar Corporation.

UK: Tate & Lyle hopes to reverse fortunes with launch of sucralose

26 Feb 2002

UK sugar and sweetener group Tate & Lyle is hoping to engineer a reversal in its fortunes after a difficult few years with the launch of a calorie-free sugar product, sucralose. The product is based on sugar, but is treated with an intense refining process that takes out the calories and modifies elements of the sugar molecule which make sugar fattening.

UK: Tate & Lyle puts two business units up for sale

21 Feb 2002

UK sugar and sweetener giant Tate & Lyle is seeking buyers for its molasses and storage businesses. According to a report in the Independent newspaper, PricewaterhouseCoopers has been appointed to market the businesses, which between them generated sales of between £350m and £400m for the full fiscal year to March 2001.

UK: Tate & Lyle disposes of African interests

7 Feb 2002

Tate & Lyle  has announced the sale of Tate & Lyle Investments (Africa) Ltd (TLIA) to a Botswana-registered holding company CBAQ (Pty) Ltd (CBAQ). TLIA is a holding company that owns the group's 50.1% interest in ZSR

UK: Tate & Lyle say nine months trading on track

31 Jan 2002

UK sugar and sweetener group Tate & Lyle said today [Thursday] that underlying trading in the three quarters to 31 December last year was in line with forecasts and “significantly” in advance of the same period of the previous financial period. Tate & Lyle has been selling off its US sugar arm

UK: Tate & Lyle sells United Farmers and Industry Co Ltd, UFIC

24 Dec 2001

LONDON--(BUSINESS WIRE)--Tate & Lyle, a global leader in carbohydrate ingredients, today announced the sale of its 20.38% stake in United Farmers and Industry Co Ltd ("UFIC") to a subsidiary of the majority shareholder, the Mitr Phol Sugar Corporation. UFIC comprises two sugar factories and ancillary businesses in Thailand. Tate & Lyle was a founding investor in this business and a shareholder since 1983.

UK: Tate & Lyle sells two US animal feed subsidiaries

16 Nov 2001

UK-based food processor Tate & Lyle revealed today [Friday] that it has sold two US subsidiaries as part of a move to divest non-core and underperforming businesses.   The businesses, situated in Colorado and Montana, were involved in animal feed production and have been sold to

UK: Tate & Lyle's interim results, September 2001

8 Nov 2001

Key Financial Highlights September 2001 Announcement of interim results for the six months ended 30 September 2001

UK: Completion of Domino Sugar sale by Tate & Lyle

6 Nov 2001

Tate & Lyle PLC ("Tate & Lyle") announces completion of the sale of Tate & Lyle North American Sugars Inc., trading as Domino Sugar ("Domino"), to an investment group led by Alfonso and J. Pepe Fanjul on 5 November 2001. The maximum consideration will be US$185 million (£127 million) which includes a conditional earnout of up to US$20 million (£14 million) payable over 4 years from date of signing. The consideration in respect of fixed assets is unchanged from the announcement dated 26 July 2001(all variances relate to levels of working capital) and no further write down is required.

UK: Tate & Lyle and McNeil Nutritionals announce global sucralose alliance

26 Sep 2001

Tate & Lyle PLC ("Tate & Lyle") and McNeil Nutritionals ("McNeil"), a Johnson & Johnson company, announced today the realignment of their sucralose activities into a new global alliance designed to maximize the market penetration and accelerate the worldwide growth of sucralose. Existing sucralose sales and marketing arrangements have been restructured to play to the geographic and market strengths of each company.

UK: Tate & Lyle Plc - Trading and Strategic Update

26 Sep 2001

In line with its regular practice, Tate & Lyle issues the following update prior to meeting with stockbrokers' analysts and entering its closed period for interim results to 30 September 2001.

UK: Tate & Lyle outsources IT contract to Cap Gemini Ernst & Young

15 Aug 2001

The UK-based IT operations of Tate & Lyle are to be managed by Cap Gemini Ernst & Young for the next five years. Brian McCarty, Cap Gemini Ernst & Young Senior Executive, welcomed the outsourcing contract, commenting: "Tate & Lyle shares with us an ambitious but achievable vision for the future of IT support across its UK business, and I am delighted that this major British company has selected us to help deliver effective IT support, which is rightly seen as a key to future success."

UK: Tate & Lyle PLC Chairman's Annual General Meeting statement

2 Aug 2001

At the Annual General Meeting of Tate & Lyle PLC in London today, Sir David Lees, Chairman, made the following statement on current trading: At the announcement of the Group's results on 7th June I said that our immediate priorities were to complete the disposals of Western Sugar and Domino Sugar and to improve the performance of Amylum.

UK: Agreement for sale of Domino Sugar signed by Tate & Lyle

27 Jul 2001

Tate & Lyle, a world leader in sugar, cereal sweeteners and starches, yesterday announced that it has signed a conditional agreement to sell Tate & Lyle North American Sugars Inc., trading as Domino Sugar ("Domino"), to an investment group led by Alfonso and J. Pepe Fanjul. The sale agreement was signed on July 26, 2001 and is subject to, inter alia, the purchaser completing the necessary financing arrangements and approval by US competition authorities.

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