Tate & Lyle PLC announced that it completed the acquisition of the entire issued share capital of (i) CP Kelco U.S.; (ii) CP Kelco China; and (iii) CP Kelco ApS together with each of their respective subsidiaries (together ‘CP Kelco’) a leading provider of pectin, speciality gums and other nature-based ingredients, from J.M. Huber Corporation (‘Huber’) (the ‘Transaction’).
There has been no material change affecting any matters contained in Tate & Lyle’s announcements relating to the Transaction of 20 June 2024 and 3 October 2024.
CHECK OUT MORE FOOD & BEVERAGE INDUSTRY NEWS
Nick Hampton, chief executive officer of Tate & Lyle, commented:
“Today, as we complete the combination with CP Kelco, we begin a new chapter in Tate & Lyle’s long and rich history.
"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.
In accordance with the relationship agreement entered into between Tate & Lyle and Huber (the ‘Relationship Agreement’), Huber is currently entitled to nominate two non-executive directors to the board of Tate & Lyle (the ‘Board’) with effect from the completion of the Transaction.
Tate & Lyle announced the appointment of Glenn M. Fish, executive vice president & chief financial officer of Huber, and Cláudia Vaz de Lestapis, executive vice president, general counsel and corporate secretary of Huber, to the board as non-executive directors. For more information see Appendix 1.
In accordance with the terms of the Transaction, the company has issued and allotted 75,000,000 new fully paid Tate & Lyle ordinary shares to Huber (the ‘Consideration Shares’) as part consideration for the Transaction.
Huber is now a significant long-term shareholder of Tate & Lyle, owning approximately 16% of the Company's share capital immediately following completion of the Transaction.
Applications have been made for the Consideration Shares to be admitted to listing on the Equity Shares (Commercial Companies) Category of the Financial Conduct Authority’s Official List and to trading on the London Stock Exchange’s main market for listed securities (‘Admission’). It is currently anticipated that Admission will occur at 08:00 (UK Time) on 18 November 2024.
