NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, INTO OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION
OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION.
27 June 2024
TATE & LYLE
PLC - COMPLETION OF SALE OF REMAINING INTEREST IN
PRIMIENT
Further to the announcement of 23 May 2024, Tate
& Lyle PLC ('Tate & Lyle') announces that it has today
completed the sale of its remaining 49.7% interest in Primary
Products Investments LLC ('Primient') to KPS Capital Partners, LP
(the 'Transaction'), receiving cash proceeds of US$350 million
(c.£279 million). Net cash proceeds, after tax and
transaction costs, are expected to be around US$270 million (c.£215
million).
As previously announced, the Board intends to
return the net cash proceeds received from this Transaction to
shareholders by way of an on-market share buyback programme. This
share buyback programme commenced on 20 June 2024, as announced on
that day.
Tate & Lyle PLC's LEI number is:
2138008K14474WPKZ244
For more
information contact Tate & Lyle PLC:
Investors and Analysts
Christopher Marsh, VP Investor
Relations
Tel: Mobile: +44 (0) 7796 192
688
Media
Nick Hasell, FTI Consulting
Tel: Mobile: +44 (0) 7825 523
383
Tel: Office: +44 (0) 203 727 1340
tate@fticonsulting.com
About Tate
& Lyle
Supported by our 160-year history of ingredient
innovation, we partner with customers to provide consumers with
healthier and tastier choices when they eat and drink. We are proud
that millions of people around the world consume products
containing our ingredients every day.
Through our expertise in sweetening,
fortification, and texture, we develop ingredient solutions which
reduce sugar, calories, and fat, add fibre and protein, and provide
texture and stability in categories including beverages, dairy,
bakery, snacks, soups, sauces, and dressings.
We have more than 3,300 employees working in
around 58 locations serving customers across
121 countries. Science, Solutions, Society is
our brand promise and how we will achieve our purpose of
Transforming Lives Through the Science of Food. By living our
purpose we believe we can successfully grow our business and have a
positive impact on society. We live our purpose in three ways, by
supporting healthy living, building thriving communities and caring
for our planet.
Tate & Lyle is listed on the London Stock
Exchange under the symbol TATE.L. American Depositary Receipts
trade under TATYY. In the year to 31 March 2024, Tate & Lyle
revenue from continuing operations totalled £1.65 billion. For more
information, please visit https://www.tateandlyle.com
or follow Tate & Lyle on Linkedin,
X
(Twitter), Facebook
or YouTube
About KPS
Capital Partners
KPS, through its affiliated management entities,
is the manager of the KPS Funds, a family of investment funds with
approximately $21.6 billion of assets under management (as of March
31, 2024). For over three decades, the Partners of KPS have worked
exclusively to realise significant capital appreciation by making
controlling equity investments in manufacturing and industrial
companies across a diverse array of industries, including basic
materials, branded consumer, healthcare and luxury products,
automotive parts, capital equipment and general manufacturing. KPS
creates value for its investors by working constructively with
talented management teams to make businesses better and generates
investment returns by structurally improving the strategic
position, competitiveness and profitability of its portfolio
companies, rather than primarily relying on financial leverage. The
KPS Funds' portfolio companies currently generate aggregate annual
revenues of approximately $19.6 billion, operate 223 manufacturing
facilities in 26 countries, and have approximately 47,000
employees, directly and through joint ventures worldwide (as of
March 31, 2024). The KPS investment strategy and portfolio
companies are described in detail at www.kpsfund.com.