2nd Oct 2006 07:05
Tate & Lyle PLC and Microbia Precision Engineering, Inc. form partnership todevelop and commercialise fermentation-derived renewable ingredients 2 October, 2006 Tate & Lyle, a world leader in renewable ingredients, and Microbia PrecisionEngineering, Inc, today have formed a multi-year partnership to developfermentation-derived renewable ingredients. Precision Engineering£, a subsidiary of US-based entrepreneurial pharmaceuticalcompany Microbia, specialises in the development of highly efficient microbialmanufacturing technology. Tate & Lyle is one of the world•s major fermentationproducers with long standing experience in fermentation markets, processdevelopment, manufacturing and carbohydrate feedstock supply. The partnershipwill leverage these synergies. As part of the agreement, Tate & Lyle will invest US$7 million to acquire aminority shareholding in Microbia Precision Engineering, Inc, and take one seaton the board. In addition, Tate & Lyle will invest a further US$13.75 million inresearch and development over a period of five years. The two companies willwork exclusively together within defined renewable ingredient markets and willshare the profits from products commercialised through their collaboration. The partnership will stimulate new product development and reduce time tocommercialisation. Prospective third-party collaborators will be able to workwith the new partnership and benefit from access to the complete value chainfrom feedstock to manufactured fermentation product. Iain Ferguson, Chief Executive, Tate & Lyle said, •In the last decade, Tate &Lyle has established fermentation as a core technological competency. This hasproved a catalyst for new product development, leading to ground-breakingingredients such as Bio-PDO• (developed with our joint venture partners DuPont).We look forward to partnering with Precision Engineering£. Their excellentreputation in the field of microbial technology is well deserved.• •This collaboration marks an important step in the development of our PrecisionEngineering£ business into a product-based organisation,• said Richard Bailey,President of the Microbia Precision Engineering, Inc. subsidiary. •Not only arewe aligning ourselves with an established and well-respected company, but we areretaining the rights to become full commercial partners for products weintroduce into the collaboration which will contribute to our continued growth.• For more press/ investor information: Tate & Lyle PLC Mark Robinson (Investor Relations) +44(0)20 7626 6525,[email protected] Ferne Hudson (Press) +44(0)20 7626 6525, [email protected] Microbia Precision Engineering, Inc. Susan Brady (Corporate Communications) +1 617 621 8304, [email protected] For more information on working with the partnership: Tate & Lyle PLC: Jeff Lievense +1 217 421 3235, [email protected] Pete Castelli +1 217 421 2566, [email protected] Microbia Precision Engineering, Inc: Richard Bailey (President) +1 617 621 8337;[email protected] About Tate & Lyle: Tate & Lyle is a world leading manufacturer of renewable food and industrialingredients. It uses innovative technology to transform corn, wheat and sugarinto value-added ingredients for customers in the food, beverage,pharmaceutical, cosmetic, paper, packaging and building industries. The Companyis a leader in cereal sweeteners and starches, sugar refining, value added foodand industrial ingredients, and citric acid. Tate & Lyle is the world number-onein industrial starches and is the sole manufacturer of SPLENDA£ Sucralose. Tate & Lyle is one of the world•s major fermentation producers having 17fermentation plants on four continents. Its portfolio includes biogums (such asxanthan gum), Aquasta£, a natural source of astaxanthin (in partnership withIgene); industrial chemical and polymer ingredient Bio-PDO• (in partnership withDuPont); citric acid; monosodium glutamate (Orsan Guangzhou venture); potablealcohol; and fuel grade ethanol. Headquartered in London, Tate & Lyle is listed on the London Stock Exchangeunder the symbol TATE.L. In the US its ADRs trade under TATYY. The Companyoperates more than 65 production facilities in 29 countries, throughout Europe,the Americas and South East Asia. It employs 7,000 people in its subsidiarieswith a further 4,800 employed in joint ventures. Sales in the year to 31 March2006 totalled £3.7 billion. Additional information can be found on this website. SPLENDA£ is a trademark of McNeil Nutritionals, LLC About Microbia Precision Engineering, Inc: Microbia Precision Engineering, Inc. is a majority-owned subsidiary of MicrobiaInc. (www.microbia.com), a privately held entrepreneurial pharmaceutical companylocated in Cambridge, Massachusetts. Microbia was spun off from the WhiteheadInstitute of Biomedical Research at the Massachusetts Institute of Technology(MIT). The Precision Engineering£ business develops highly efficient bioprocesses for arange of applications, both for internal development and in collaboration withleading chemical, pharmaceutical, and renewable ingredients manufacturers.Collaborations have been established with well-respected multinational companiessuch as DuPont, Novus International, Ranbaxy Laboratories Ltd., TevaPharmaceutical Industries, Tate & Lyle PLC, and Biocon Ltd. Copyright Business Wire 2006Related Shares:
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