1st Dec 2020 09:22
(Alliance News) - Tate & Lyle PLC on Tuesday said it has acquired Sweet Green Fields, a global stevia solutions business.
The global provider of food and beverage ingredients partnered with Sweet Green Fields in 2017 to become the global distributor of its products and already had a 15% stake in the company.
Tate & Lyle said the acquisition "simplifies the existing relationship by creating a fully integrated supply chain and commercial organisation" and extends its presence in the Asia Pacific region with stevia production, research and development facilities in Anji, China.
Sweet Green Fields's revenue for the year ending December 31 is expected to be USD50 million, including any revenue for products Tate & Lyle sells as its distribution agent.
Chief Executive Nick Hampton said: "This acquisition supports our strategy to grow our sweetener solutions portfolio and our purpose of Improving Lives for Generations by helping us to deliver tasty food and beverages with less sugar to consumers worldwide."
Shares in Tate & Lyle were up 1.2% at 645.60 pence in London on Tuesday.
By Zoe Wickens; [email protected]
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