UK sugar and ingredients group has formed a joint venture with Italian sugar producer Eridania Sadam. The JV, called Eridania Tate & Lyle, will market and sell all sugar products from the two parent companies to the Italian market.
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With an investment of GBP2m, Tate & Lyle will hold a 35% stake in the newly formed group. Eridania will hold the remaining 65%.
Ian Bacon, chief executive, Sugars, Europe, Tate & Lyle said: “We are committed to investing in the long term success of our European cane sugar business. This joint venture is an important step in our strategy to develop new markets following the reform of European sugar regime. I look forward to the joint development of both retail and industrial sales in this market.”
