Prices & Quotes - UK Markets - Tate & Lyle (TATE)

LONDON (ShareCast) - (Sharecast News) - Tate & Lyle said on Tuesday that it has bought Sweet Green Fields (SGF), a stevia sweetener solutions business, for an undisclosed sum.
The acquisition brings a broad portfolio of stevia products and a fully integrated stevia supply chain to Tate & Lyle, including leaf sourcing, leaf varietal development, established agricultural programmes and cost-efficient manufacturing.

Tate said the deal strengthens its position as a leading provider of innovative sweetener solutions with the capabilities to create foods and beverages that are lower in sugar and calories. It also extends the company's presence in the faster growing Asia Pacific region with dedicated stevia production and research and development facilities located in Anji, China.

Tate & Lyle began a partnership with SGF in 2017, becoming the exclusive global distributor of its portfolio of ingredients and solutions. It then bought a 15% equity holding in the business the following year.

"Tate & Lyle's acquisition of the remaining shares of SGF simplifies the existing relationship by creating a fully integrated supply chain and commercial organisation, unified research and development capabilities, and combined strengths to accelerate innovation and optimise production technologies," it said.

Sweet Green Fields' revenue for the year ending 31 December 2020 is expected to be around $50m, including revenue for products Tate currently sells as distribution agent.