American Sugar to acquire E.U. sugar business
July 1, 2010
by Keith Nunes
YONKERS, N.Y. — American Sugar Refining (A.S.R.), a division of the Florida Crystals Corp., West Palm Beach, Fla., plans to acquire the European sugar operations of Tate & Lyle PLC for £211 million ($318 million). The acquisition will include Tate & Lyle’s sugar refineries in London and Lisbon as well as a license for A.S.R. to use the Tate & Lyle brand in connection with the sale of sugar.
“The acquisition of Tate & Lyle's European sugar operations is consistent with our strategic vision for expansion in the sugar refining sector,” said Luis Fernandez, co-president of A.S.R. “Tate & Lyle is steeped in 130 years of tradition and consumer loyalty. We recognize the importance and history of the Tate & Lyle sugar brand and are proud to add it to our existing brand portfolio.”
The acquisition is the third transaction between the two companies. In 2001, A.S.R. purchased Tate & Lyle North American Sugars, Inc. (Domino Sugar) and its three refineries. In 2007, A.S.R. acquired Tate & Lyle Canada Ltd. (Redpath Sugar).