REG - Tate & Lyle PLC - Completes sale of remaining interest in Primient

Tate & LyleAnnouncement

27/06/2024 16:30

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RNS Number : 2234U  Tate & Lyle PLC  27 June 2024

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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 (mailto: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
(https://www.tateandlyle.com/) or follow Tate & Lyle on Linkedin
(https://www.linkedin.com/company/tate-&-lyle) , X (Twitter)
(https://twitter.com/tateandlyleplc) , Facebook
(https://www.facebook.com/TateandLyleCommunity) or YouTube
(https://www.youtube.com/c/TateLylePLC)

 

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
(http://www.kpsfund.com) .

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