| Tate & Lyle, a world leader in sugar, cereal sweeteners and
starches, today announced that in line with its regular practice, Tate
& Lyle issues the following update prior to meeting with stockbrokers'
analysts and entering its closed period for interim results to September
30, 2001.
Tate & Lyle has longstanding US business activities and some 4,000
US employees. All of our employees around the world join in offering our
deepest condolences to those who have lost family, friends and colleagues
as a result of the terrible terrorist attacks in the USA on September 11.
Whilst Tate & Lyle was not directly or materially impacted, we will
have a modest exposure in our captive re-insurance company.
Our overall trading experience to date has not altered since the
Chairman's statement at the Annual General Meeting on August 2, 2001 and
remains in line with our expectations at the beginning of the financial
year.
The sale of the Western Sugar Company (``Western'') is progressing more
slowly than anticipated. The Rocky Mountain Sugar Growers Co-operative are
still working on securing all of the financing for its acquisition of
Western. Consequently, Tate & Lyle has extended the date for closing
to January 31, 2002.
The required waiting period for US competition authorities to raise
objections to the sale of Tate & Lyle North American Sugars Inc.,
trading as Domino Sugar, to the investment group led by Alfonso and J.
Pepe Fanjul has now expired without any objection being received. The sale
remains on track.
Tate & Lyle and McNeil Nutritionals (``McNeil''), a Johnson &
Johnson Company, announced earlier today the realignment of their
sucralose activities into a new global alliance. The existing licensing
agreements, which date back to 1980, will terminate, with Tate & Lyle
receiving advance license fees from McNeil. $10 million will be paid
immediately and a further $10 million will be paid on each of the first
and second anniversaries of the agreement. Under the agreement, the
companies will co-operate closely to further the development of the
sucralose business. Tate & Lyle will act as exclusive broker for
sucralose ingredient sales in certain key markets outside North America.
The Tate & Lyle Group, with headquarters in the UK, operates in
over 50 countries. It produces and processes sugar from cane and beet, and
processes cereals (predominantly maize and wheat) into sweeteners and
starches and other products. |