MARKET TALK: Tate & Lyle Sugar Ops Disposal A 'Sweet Deal'

1st Jul 2010 07:50

0650 GMT [Dow Jones] Tate & Lyle's (TATE.LN) disposal of its sugar refining operations in the European Union to American Sugar Refining Inc for GBP211M in cash is a "sweet deal", says an analyst. Says this deal will help to reduce the company's debt, which stood at GBP814M at March 31. Analyst adds the company is looking to exit from the sugar market altogether, noting it is taking steps to sell its molasses and Vietnamese sugar businesses, its remaining sugars operations. The exit suggests the company is focusing on its specialty food ingredients business. Shares closed at 450p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 01, 2010 02:50 ET (06:50 GMT)