Tate & Lyle sells molasses business
26 November 2011 – Tate & Lyle today has disposed of the last of its historic British sugar businesses with the disposal of its molasses distribution arm for £67 million (€79m).
The sale, to Belfast-based grain, animal food ingredients and vegetable oils distributor W & R Barnett, follows the disposal in the summer of the main sugar and golden syrup division. Like that business, the molasses division was based on the Thames, in London’s Silvertown, where it has a trading desk. It also has several storage plants for the sugar by-product around the world and in Hull and Liverpool.
Tate & Lyle said the sale of the final piece of its global sugar operation – a Vietnamese business – was progressing well. Chief executive Javed Ahmed wants to focus the company on speciality food ingredients.
