|
|
|
You can get e-magazine links on WhatsApp. Click here
|
|
|
|
|
|
CP Kelco announces intent to combine with Tate & Lyle through sale by J.M. Huber Corporation
|
|
Thursday, 27 June, 2024, 16 : 00 PM [IST]
|
|
Atlanta, Georgia
|
CP Kelco, a leading global producer of nature-based ingredient solutions, announced its intent to combine its business with London headquartered global food and beverage solutions business Tate & Lyle through the sale of CP Kelco by J.M. Huber Corporation. The proposed combination will create a leading and differentiated global speciality food and beverage solutions business.
Huber and Tate & Lyle have entered into an agreement by which it will continue to stay invested in CP Kelco through a shareholding of about 16% in the combined holding company Tate & Lyle PLC, following completion of the transaction. In addition, it will hold two seats on its board of directors. The transaction is expected to close later this year after approval by shareholders and customary regulatory clearances and closing conditions are met.
Combining nature-based, specialty ingredient solutions for stabilisation and texture with sweetening, mouthfeel and fortification platforms will enhance both companies’ capabilities across multiple product categories and unlock new growth opportunities. Further, its expertise and offerings in consumer care and industrial applications will provide the combined entity with the potential to grow in additional, attractive end-markets.
Didier Viala, president of CP Kelco, said, “For more than 90 years, CP Kelco has served as an innovation partner for companies of all sizes and in more than 100 countries, leveraging our multi-functional, nature-based ingredients across a variety of product formulation challenges and opportunities. By joining forces with Tate & Lyle, we can create an ingredient innovation powerhouse—one that’s truly committed to meeting consumer and market needs with a unique portfolio of sustainable solutions and our deep technical and applications expertise.”
Nick Hampton, chief executive of Tate & Lyle, said, “A combination with CP Kelco is the perfect fit with Tate & Lyle’s growth-focused strategy and purpose. Together, we will have a compelling customer proposition. With our leading portfolio of speciality ingredients and a world-class team of food science experts, we will be uniquely placed to provide our customers with the solutions they need to meet growing consumer demand for healthier, tastier and more sustainable food and drink. The growth potential of the proposed combined business is significant and we look forward to the future with confidence and excitement.”
|
|
|
|
|
|
|
|
|
|