News
Tate & Lyle closes £1.4bn CP Kelco acquisition
The deal with ingredients supplier Huber was completed on 15 November, marking the start of a “new chapter” in the history of Tate & Lyle.
CP Kelco is a nature-based ingredient solutions company with approximately 90 years of experience working with food, beverage, consumer and industrial products manufacturers worldwide.
It employs around 1,700 people across seven manufacturing facilities, two global innovation centres and nine regional application centres, and is headquartered in Atlanta.
As part of the agreement, 75m new fully paid Tate & Lyle ordinary shares have been issued to Huber, the equivalent of a 16% stake.
Meanwhile, senior figures within Huber, Glenn M. Fish and Cláudia Vaz de Lestapis, have been appointed to the Tate & Lyle board as non-executive directors.
Combined business is ‘perfectly positioned’
Working across categories including beverages, dairy, bakery, snacks, soups, sauces and dressings, Tate & Lyle employs 3,300 employees in 58 locations around the world.
Commenting on what comes next, the firm’s chief executive Nick Hampton said: "We are delighted to welcome our new colleagues from CP Kelco, as well as its customers and partners to Tate & Lyle.
“This is an exciting time for both businesses as we come together to create a new and compelling proposition for our customers. With its unique portfolio of ingredients and solutions capabilities, and leading positions across sweetening, mouthfeel and fortification, the combined business is perfectly positioned to support customers as they look to meet growing global consumer demand for healthier, tastier and more sustainable food and drink.”
Hampton also praised those who worked on the deal and touched on the new board appointments.
“I would also like to thank Gretchen McClain and the team at Huber for their immense contribution, and to welcome Glenn and Cláudia to the Tate & Lyle Board,” he added.
"The growth potential of the new business is substantial, and we look forward to the future with great excitement and confidence."
In other news, Samworth Brothers has been fined £1.28m after an employee was killed in the loading bay of a facility operated by the food manufacturer.
