Tate & Lyle has agreed to sell minority stakes in two sugar refineries in Saudi Arabia and Egypt to Savola Group.
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Last week, Tate said it was in “ongoing” talks over the sale of its 10% stake in a Saudi sugar refinery and 3% stake in an Egyptian refinery.
Tate told just-food that the move was in line with the sale of its International Sugar Trading business, which was announced in July last year.
“When we announced the sale of our International Sugar Trading business in July 2008, we made it clear that the business sold excluded a small number of minority interests related to the sugar trading business which would be disposed of separately in accordance with the related shareholders agreements,” a spokesperson told just-food today (26 October).
“These minority interests include stakes in two sugar refineries where Savola is the principal partner, one in Saudi Arabia and one in Egypt. Savola’s statement refers to that ongoing disposal process,” the spokesperson added.
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By GlobalDataFinancial details of the deal were not disclosed.
Tate has emphasised that the move does not signal a shift away from refining sugar, with its European sugar refinery business remaining “core” to its activities.
