Hahn's former owner is to retain a 20% stake in the company. But the deal, which is expected to close by May 31, includes options for Tate & Lyle to acquire the outstanding shares in due course. The transaction remains subject to approval by German antitrust authorities.
"The combination of Hahn with Tate & Lyle's existing products, systems and applications skills will provide our customers with a comprehensive texturant offering with particular expertise in the dairy andconvenience food sectors," said Tate & Lyle CEO Iain Ferguson. "This investment complements our existing teams, in particular at Cesalpinia Food and Tate & Lyle Custom Ingredients, and will strengthen our European marketing presence, opening new opportunities for developing our Splenda Sucralose business."
Hahn is a family-owned company with production operations in Germany, the U.K., the US and Australia, and salesoffices in some 22 countries. In 2006, the company generated sales of 102 million euros (US$138 million) and profits before interest, tax, exceptional items and amortisation of 10 million euros.
From the April 23, 2007, Prepared Foods e-Flash