Tate & Lyle is to offload its stake in a sugar business in Mexico, the UK food and ingredients firm has announced.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The company will sell its 49% interest in Grupo Industrial Azucarero de Occidente to food commodities group E D & F Man Holdings for US$93m.
The deal is dependent on Occidente’s majority shareholder acquiring 1% of Tate & Lyle’s stake, which would mean E D & F Man hold 48% of the Mexican business.
Tate & Lyle chief executive Iain Ferguson said the company’s exit from the venture followed the finalisation last week of a sale of its wheat starch plants in Europe.
“Both these transactions represent important steps in our strategy of reshaping our business to reduce the impact of our exposure to volatile raw material and commodity markets as we build a stronger value added business,” Ferguson said.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataTate & Lyle also announced a reshuffling of its management team. The company, which two weeks ago saw the value of its shares tumble by a third after a profits warning, promoted D. Lynn Grider to its group management committee.
Grider, who was president of Tate & Lyle’s food and industrial ingredients division, has been named as president, Americas.
Meanwhile, executive director Stanley Musesengwa has been handed the role of chief executive, international. Musesengwa will be responsible for all of Tate & Lyle’s operations outside the Americas.
