UK-based ingredients group Tate & Lyle has snapped up a minority stake in a sugar venture in Lao.
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The company has spent GBP2m (US$4m) on a 10% shareholding in Mitr Lao Sugar, a joint venture with Asian sugar manufacturer Mitr Phol Group.
The venture has signaled it plans to spend around GBP58m in the production of sugar in Lao. Tate & Lyle said its investment in the venture would help secure sugar supplies for the EU.
Ian Bacon, chief executive of Tate & Lyle’s European sugars division said: “By joining forces we have created a valuable investment and secured a reliable, long-term supply of raw sugar to our refineries in the EU. This is a good example of how Tate & Lyle is responding to changes in the EU sugar market.”
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