UK-based sugar and ingredients group Tate & Lyle has bought an 80% stake in German specialty food ingredients group GC Hahn for GBP79m (US$158m).
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Hahn’s former owner is to retain a 20% stake in the company. However, the deal, which is expected to close by 31 May, includes options for Tate & Lyle to acquire the outstanding shares in due course. The transaction remains subject to approval by German antitrust authorities.
“The combination of Hahn with Tate & Lyle’s existing products, systems and applications skills will provide our customers with a comprehensive texturant offering with particular expertise in the dairy and convenience food sectors,” said Tate & Lyle CEO Iain Ferguson.
“This investment complements our existing teams, in particular at Cesalpinia Food and Tate & Lyle Custom Ingredients, and will strengthen our European marketing presence, opening new opportunities for developing our Splenda Sucralose business.”
Headquartered in Lübeck, Hahn is a family-owned company with production operations in Germany, the UK, the US and Australia, and sales offices in some 22 countries.
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By GlobalDataIn 2006, the company generated sales of EUR102m (US$138m) and profits before interest, tax, exceptional items and amortisation of EUR10m.
