Completion of Sale of Tate & Lyle Group's Animal Feed and Bulk Storage Operations in USA and Canada
Tuesday, March 25, 2003
Tate & Lyle PLC , a world leader in carbohydrate ingredients, announces that the sale of United Molasses Company, a Delaware Corporation, ("UMUS") and the business and assets of UM Canada ("UMC") to Westway Holdings Corporation has now been completed. The signing of conditional agreements for these disposals was previously announced on December 20, 2002.
The initial consideration for UMC (which is subject to closing adjustments) of CA$$27 million plus US$1 million (GBP13 million) has been received in cash bringing total cash proceeds to some GBP21 million and, in addition, more than GBP8 million has so far been collected from retained receivables.
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