15th Aug 2007 10:00
Tate & Lyle announces investment in sugar joint venture in the People'sDemocratic 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 sugarmanufacturer, Mitr Phol Group. Mitr Lao Sugar plans to invest a total of £58million 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 millin the Savannakhet region of Lao PDR. The mill will have an initial capacity of5,000 tonnes rising to 10,000 tonnes of cane per day. Lao PDR will be eligibleto export sugar duty free into the EU under the Everything But Arms initiativewith effect from 1 July 2009. Raw sugar shipped to the EU by Mitr Lao Sugar willbe refined by Tate & Lyle. Ian Bacon, Chief Executive of Tate & Lyle's Sugars, Europe division, said: "I amdelighted to announce this joint venture with our partner Mitr Phol Group, withwhom we have worked for many years in Asia. By joining forces we have created avaluable investment and secured a reliable, long-term supply of raw sugar to ourrefineries in the EU. This is a good example of how Tate & Lyle is responding tochanges in the EU sugar market." For more information contact Tate & Lyle PLC: Mark Robinson, Director of Investor RelationsTel: 020 7626 6525 or Mobile: 07793 515861 Ferne Hudson, Head of Media and Public RelationsTel: 020 7626 6525 or Mobile: 07713 067433 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(R) Sucralose. 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 60 production facilities in 23 countries, throughout Europe,the Americas and South East Asia. In the year to 31 March 2007, it employed6,900 people in its subsidiaries with a further 2,300 employed in jointventures. Sales in the year to 31 March 2007 totalled £4.0 billion. Additionalinformation can be found on http://www.tateandlyle.com. SPLENDA(R) is a trademark of McNeil Nutritionals, LLC Copyright Business Wire 2007Related Shares:
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