As a first stage, the operations and employees of Tate & Lyle's international sugar trading business will transfer to Bunge. The working capital in the business will remain with, and be collected and paid by, Tate & Lyle through March 31, 2009, at which point it will be assumed by Bunge upon final completion of the transaction.
"Bunge's strategy is to expand into complementary value chains, and sugar is an essential one," stated Archie Gwathmey, co-CEO, Bunge Global Agribusiness. "In the past two years, we have established a sugar marketing and trading operation and purchased a sugarcane mill in Brazil. Strengthening our global team is a natural next step. Tate & Lyle has been one of the world's leading international sugar traders with a long tradition in the business and strong customer and supplier relationships. We are pleased to welcome this team and business to Bunge."
From the July 7, 2008, Prepared Foods e-Flash