Tate & Lyle Sells Sugar Arm for £211m

Tate & Lyle has sold its sugar business to American Sugar Refinery for £211m ($320.79m).

The group said the sale would be used to reduce net debt levels and the company would be more focused and less volatile as a result.

Tate & Lyle’s sugar business includes refineries in the UK and Portugal, as well as the Golden Syrup factory in London.

Although the group reported pre-tax profits of £229m for the year to March, the group’s net debt stood at £814m