Tate & Lyle PLC
Tate & Lyle PLC
Tate & Lyle forms joint venture with Eridania to market and sell sugar products
into the Italian market
Tate & Lyle announces today that it has formed a joint venture with Eridania
Sadam ('Eridania'), the Italian sugar producer. The joint venture, 'Eridania
Tate & Lyle', will be exclusively responsible for the marketing and sales of all
sugar products from the two parent companies into the Italian market. Tate &
Lyle will hold 35% of the joint venture, for which it will invest £2 million
(EUR 2.8 million), with Eridania holding the remaining 65%. The net assets of
Eridania Tate & Lyle are EUR 5 million. The joint venture will operate
commercially with effect from 1 April 2007.
Tate & Lyle has a long history of supplying the Italian market and has
significant relationships with major European businesses in Italy. Eridania is a
beet sugar manufacturer and is the market leader in the Italian sugar sector.
Eridania recently surrendered 50% of their EU sugar quota and Tate & Lyle and
Eridania will both supply sugar to the joint venture to satisfy Italian market
demand.
Ian Bacon, Chief Executive, Sugars, Europe, Tate & Lyle said, 'We are committed
to investing in the long term success of our European cane sugar business. This
joint venture is an important step in our strategy to develop new markets
following the reform of European sugar regime. I look forward to the joint
development of both retail and industrial sales in this market.'
Massimo Maccaferri, President of Eridania Sadam and Eridania Tate & Lyle said
'Eridania Tate & Lyle is a joint venture between two important European sugar
producers with different competences, and will give a new boost in terms of
competitiveness to the Italian sugar market. Eridania Tate & Lyle will plan a
new logistic/distribution network and extend its product portfolio range, adding
new value to the sugar category.'
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CONTACTS
Mark Robinson, Director of Investor Relations
Tel: +44(0)20 7626 6525 or Mobile: +44(0)7793 515861
Ferne Hudson, Head of Media and Public Relations
Tel: +44(0)20 7626 6525 or Mobile: +44 (0)7713 067433
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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 65 production facilities in 29 countries, throughout Europe,
the Americas and South East Asia. It employs 7,000 people in its subsidiaries
with a further 4,800 employed in joint ventures. Sales in the year to 31 March
2006 totalled £3.7 billion. Additional information can be found on this website
www.tateandlyle.com.
SPLENDA((R)) and the SPLENDA((R)) logo are trademarks of McNeil Nutritionals,
LLC
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