In July 2021, Tate & Lyle announced that it has entered into an agreement to sell a controlling stake in a new company, comprising of its Primary Products business in North America and Latin America and its interests in two joint ventures, to KPS Capital Partners, LP. Tate & Lyle and KPS will each own 50% of the new company with KPS having Board and operational control.
The Primary Products Business is a leading provider of nutritive sweeteners, industrial starches, acidulants and other corn-derived products in North America and Brazil. Founded in 1906 as A.E. Staley Manufacturing Co., the Primary Products Business has an over 100-year history of producing corn-derived products in the United States. The Company produces corn-derived products for a diverse set of end-uses including carbonated beverages, confectionery products, packaging applications and animal feed, among others, and is proud to serve some of the worlds most recognizable food and beverage brands. With approximately 1,700 employees across six manufacturing facilities in the United States and Brazil, the Primary Products Business generates annual revenue of approximately $2.3 billion. is a key high-profile role within the newly announced NewCo operations.
The investment in Primary Products will create a leading, independent and focused manufacturer of critical corn-derived ingredients for both food and industrial markets. The size and scale of the new company, and the tremendous growth opportunities made available by service as a critical supplier to the worlds preeminent food, beverage and industrial companies forms the foundation of a tremendous investment platform.
KPS is a leading global private equity firm, headquartered in New York, that makes controlling equity investments in companies across a diverse array of industries. KPS invests exclusively in manufacturing and industrial companies. Its portfolio companies currently generate nearly US$11 billion in annual revenue and operate 149 manufacturing facilities in 22 countries with over 35,000 employees worldwide
Tate & Lyle Tate & Lyle PLC is a leading global provider of food and beverage ingredients and solutions. Tate & Lyle has an over 160-year history of ingredient innovation, and partners with customers to provide consumers with healthier and tastier choices when they eat and drink. Through its expertise in sweetening, mouthfeel and fiber fortification, Tate & Lyles Food & Beverage Solutions business develops solutions which reduce sugar, calories and fat, add fiber and provide texture and stability in categories including beverages, dairy, bakery, soups, sauces and dressings. Tate & Lyles purpose is Improving Lives for Generations by supporting healthy living, building thriving communities and caring for the planet.
Provide thought leadership and expertise in order to establish and simplify Treasury processes, ensure control excellence, increase the impact of Treasury on the business and support a culture of continuous improvement and development in the Treasury team.
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Original source: Indeed