Tate & Lyle Sugar Sale Completed
October 2/London/Right Vision News -- Florida Crystals Corporation and Sugar Cane Growers Cooperative of Florida announce their subsidiary American Sugar Refining Inc. completed the acquisition of Tate & Lyle PLC's European sugar operations.
The purchase of Tate & Lyle's refineries in London, England, and Lisbon, Portugal, augments ASR's total refining capacity to six million tons per year. ASR claims it is the world's largest refined cane sugar producer, while Tate & Lyle's sugar operations are the leading refined cane sugar producers in the European Union. The acquisition also includes a license for use of the distinguished Tate & Lyle brand in connection with the sale of sugar.
"We are very proud of ASR's success, which is the product of our partnership with the Sugar Cane Growers Cooperative," said Alfonso Fanjul, chairman of the board and chief executive officer of Florida Crystals. "It is proof that working together leads to success."
Sugar Cane Growers Cooperative president and CEO George H. Wedgworth echoed this sentiment. He said, "It's pretty amazing to think about how a group of small vegetable farmers pooled their resources together almost 50 years ago, built a raw sugar processing plant, and now with the partnership of Florida Crystals have become vertically integrated to become the world's largest sugar refiner. We are pleased with the relationships we have built and the quality brand names and products we produce and offer our customers."
"We are honored to have the opportunity to unite our family's tradition of success in the sugar business with Tate & Lyle's 130 years of distinguished history," said J. Pepe Fanjul, vice chairman of the board, president and chief operating officer of Florida Crystals. "The Fanjul family also began our sugar business in Cuba in the second half of the 19th century, in many ways paralleling Tate & Lyle's history, so we welcome Tate & Lyle's added century of tradition to our group of companies.
From the October 18, 2010, Prepared Foods E-dition
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