PureCircle in JV
July 27/Oak Brook, Ill. /PRNewswire-FirstCall -- PureCircle announced a further acceleration in its strategic developments with the signing of a memorandum of inderstanding (MOU) with British Sugar Group Plc.
PureCircle Limited signed a MOU with British Sugar Group Plc for the formation of The Natural Sweetness Company (TNSC). TNSC will be a sales and marketing joint venture owned equally by both parties.
TNSC will work on developing and marketing a range of products that combine the natural benefits of both sugar and Stevia to meet the food and beverage industries' requirements for reduced calorie natural sweet applications. The Natural Sweetness Company will operate across British Sugar's core territories of the U.K., Spain, Portugal, Ireland, China and Africa.
Both British Sugar and PureCircle have established track records in developing proprietary technologies tied to natural, sweet products and both partners view this agreement as an important vehicle for growth.
Mark Carr, chief executive of British Sugar Group, said, "We are delighted with our agreement with PureCircle, the global leader in providing high purity Stevia products. We look forward to working together to develop a range of products that can provide an attractive proposition for customers seeking lower-calorie, natural sweetening solutions. This agreement complements British Sugar's core sugar business and enhances its product portfolio and growth opportunities."
Magomet Malsagov, CEO & president of PureCircle Limited, commented, "We know that our global customers want naturally reduced calorie sweetener options provided to them around the world to complement their existing sugar options. When we were looking for global partners, British Sugar was the stand-out choice across all measures in its core markets. As we work together, it is clear that there is a strong alignment in how we see the sweetener market developing."
From the August 2, 2010, Prepared Foods E-dition