29th Mar 2007 07:00
Tate & Lyle PLC Tate & Lyle forms joint venture with Eridania to market and sell sugar productsinto the Italian market Tate & Lyle announces today that it has formed a joint venture with EridaniaSadam ("Eridania"), the Italian sugar producer. The joint venture, "EridaniaTate & Lyle", will be exclusively responsible for the marketing and sales of allsugar 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 ofEridania Tate & Lyle are EUR 5 million. The joint venture will operatecommercially with effect from 1 April 2007. Tate & Lyle has a long history of supplying the Italian market and hassignificant relationships with major European businesses in Italy. Eridania is abeet sugar manufacturer and is the market leader in the Italian sugar sector.Eridania recently surrendered 50% of their EU sugar quota and Tate & Lyle andEridania will both supply sugar to the joint venture to satisfy Italian marketdemand. Ian Bacon, Chief Executive, Sugars, Europe, Tate & Lyle said, "We are committedto investing in the long term success of our European cane sugar business. Thisjoint venture is an important step in our strategy to develop new marketsfollowing the reform of European sugar regime. I look forward to the jointdevelopment 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 sugarproducers with different competences, and will give a new boost in terms ofcompetitiveness to the Italian sugar market. Eridania Tate & Lyle will plan anew logistic/distribution network and extend its product portfolio range, addingnew value to the sugar category." \* TCONTACTS Mark Robinson, Director of Investor RelationsTel: +44(0)20 7626 6525 or Mobile: +44(0)7793 515861 Ferne Hudson, Head of Media and Public RelationsTel: +44(0)20 7626 6525 or Mobile: +44 (0)7713 067433\* T About Tate & Lyle: Tate & Lyle is a world leading manufacturer of renewable foodand 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, valueadded food and industrial ingredients, and citric acid. Tate & Lyle is the worldnumber-one in 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 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 websitewww.tateandlyle.com. SPLENDA((R)) and the SPLENDA((R)) logo are trademarks of McNeil Nutritionals,LLC Copyright Business Wire 2007Related Shares:
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