In line with its regular practice, Tate & Lyle issues the following update prior to meeting with stockbrokers’ analysts and entering its closed period for interim results to 30 September 2001.
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Tate & Lyle has longstanding US business activities and some 4,000 US employees. All of our employees around the world join in offering our deepest condolences to those who have lost family, friends and colleagues as a result of the terrible terrorist attacks in the USA on 11 September.
Whilst Tate & Lyle was not directly or materially impacted, we will have a modest exposure in our captive re-insurance company.
Our overall trading experience to date has not altered since the Chairman’s statement at the Annual General Meeting on 2 August 2001 and remains in line with our expectations at the beginning of the financial year.
The sale of the Western Sugar Company (“Western”) is progressing more slowly than anticipated. The Rocky Mountain Sugar Growers Co-operative are still working on securing all of the financing for its acquisition of Western. Consequently, Tate & Lyle has extended the date for closing to 31 January 2002.
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By GlobalDataThe required waiting period for US competition authorities to raise objections to the sale of Tate & Lyle North American Sugars Inc., trading as Domino Sugar, to the investment group led by Alfonso and J. Pepe Fanjul has now expired without any objection being received. The sale remains on track.
Tate & Lyle and McNeil Nutritionals (“McNeil”), a Johnson & Johnson Company, announced earlier today the realignment of their sucralose activities into a new global alliance. The existing licensing agreements, which date back to 1980, will terminate, with Tate & Lyle receiving advance license fees from McNeil.
$10 million will be paid immediately and a further $10 million will be paid on each of the first and second anniversaries of the agreement. Under the agreement, the companies will co-operate closely to further the development of the sucralose business. Tate & Lyle will act as exclusive broker for sucralose ingredient sales in certain key markets outside North America.
