Tate & Lyle confirms it is mulling a sale of its Primary Products businesses

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Tate & Lyle PLC (LON:TATE) has confirmed media speculation that it is thinking of selling its Primary Products businesses.

The food ingredients company said that it is contemplating selling a controlling stake in the Primary Products businesses to a new long-term financial partner, leaving the company focused on its Food & Beverage Solutions.

“Tate & Lyle continues to successfully execute its strategy and remains confident in the future growth prospects of the company; however, the board believes that if a transaction of this nature was completed it would enable Tate & Lyle and the new business to focus their respective strategies and capital allocation priorities and create the opportunity for enhanced shareholder value,” the company’s stock market statement said.

Tate & Lyle said discussions with the putative financial partner are still at an early stage and there is no guarantee that a sale will be agreed upon.

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