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Tate sells Lyle’s Golden Syrup after 130 years
Business Digest: Fears of job losses following £211m sale of iconic brand to American Sugar Refining
Tate & Lyle has announced it is to sell its iconic Lyle's Golden Syrup brand – the world's oldest – to American Sugar Refining for £211m.
The news has inevitably raised fears of job losses at the 130-year-old Tate & Lyle sugar refinery in Silvertown, east London.
The sale is part of a new direction for Tate & Lyle, the manufacturer of Splenda sweetener, which is attempting to concentrate its efforts on the food ingredients part of its business.
Javed Ahmed, who joined the £2bn company last year said of the disposal of Lyle's Golden Syrup: "Sugar refining has enjoyed a long and proud history within Tate & Lyle, but we believe the interests of this business and its employees are now best served by being part of a company for whom sugar refining is core."
Tate & Lyle's UK sugar business accounts for a third of the company's profits, with the other two thirds derived from sweeteners, starches and ethanol production.
Included in the sale will be Tate & Lyle's cane sugar refineries in London, and Lisbon, Portugal, together with associated sugar and syrup brands. The deal will lead to a loss of £55m but will be earnings neutral in 2011.
Read a full report at the Guardian. ·
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Talk about selling the family silver.....
I am so glad my heritage is mainly French. Golden syrup has been sold in order that Tate & Lyle can concentrate on SPLENDA, a dangerous chlorocarbon. Well if it kills a few more Brits, it will not really matter as getting rid of some idiots would seem a good idea. I wonder if the Coalition has heard of the French 'Danon' act? It might save whatever England has left - not much anyway.