Tate & Lyle PLC
Tate & Lyle announces investment in sugar joint venture in the People's
Democratic Republic of Lao
Tate & Lyle announces today a £2 million investment to acquire a 10%
shareholding in Mitr Lao Sugar, a joint venture with leading Asian sugar
manufacturer, Mitr Phol Group. Mitr Lao Sugar plans to invest a total of £58
million to produce sugar in the People's Democratic Republic of Lao ('Lao PDR').
Mitr Lao Sugar will grow sugar cane and construct and operate a new sugar mill
in the Savannakhet region of Lao PDR. The mill will have an initial capacity of
5,000 tonnes rising to 10,000 tonnes of cane per day. Lao PDR will be eligible
to export sugar duty free into the EU under the Everything But Arms initiative
with effect from 1 July 2009. Raw sugar shipped to the EU by Mitr Lao Sugar will
be refined by Tate & Lyle.
Ian Bacon, Chief Executive of Tate & Lyle's Sugars, Europe division, said: 'I am
delighted to announce this joint venture with our partner Mitr Phol Group, with
whom we have worked for many years in Asia. 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.'
For more information contact Tate & Lyle PLC:
Mark Robinson, Director of Investor Relations
Tel: 020 7626 6525 or Mobile: 07793 515861
Ferne Hudson, Head of Media and Public Relations
Tel: 020 7626 6525 or Mobile: 07713 067433
About Tate & Lyle:
Tate & Lyle is a world leading manufacturer of renewable food and industrial
ingredients. It uses innovative technology to transform corn, wheat and sugar
into value-added ingredients for customers in the food, beverage,
pharmaceutical, cosmetic, paper, packaging and building industries. The Company
is a leader in cereal sweeteners and starches, sugar refining, value added food
and industrial ingredients, and citric acid. Tate & Lyle is the world number-one
in industrial starches and is the sole manufacturer of SPLENDA(R) Sucralose.
Headquartered in London, Tate & Lyle is listed on the London Stock Exchange
under the symbol TATE.L. In the US its ADRs trade under TATYY. The Company
operates more than 60 production facilities in 23 countries, throughout Europe,
the Americas and South East Asia. In the year to 31 March 2007, it employed
6,900 people in its subsidiaries with a further 2,300 employed in joint
ventures. Sales in the year to 31 March 2007 totalled £4.0 billion. Additional
information can be found on http://www.tateandlyle.com.
SPLENDA(R) is a trademark of McNeil Nutritionals, LLC
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