Business
Completes sale of remaining interest in Primient
Completes sale of remaining interest in Primient.
About this update from Tate & Lyle Plc
[{"type":"text","content":"\n\nNOT 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.\n \n27 June 2024\n \nTATE & LYLE PLC - COMPLETION OF SALE OF REMAINING INTEREST IN PRIMIENT\n \nFurther 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).\n \nAs 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.\n \nTate & Lyle PLC's LEI number is: 2138008K14474WPKZ244\n \n \nFor more information contact Tate & Lyle PLC:\n \nInvestors and Analysts\nChristopher Marsh, VP Investor Relations\nTel: Mobile: +44 (0) 7796 192 688\n \nMedia\nNick Hasell, FTI Consulting\nTel: Mobile: +44 (0) 7825 523 383\nTel: Office: +44 (0) 203 727 1340\[email protected]\n \n \nAbout Tate & Lyle\nSupported 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.\n \nThrough 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.\n \nWe have more than 3,300 employees working in around 58 locations serving customers across\n121 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 li...