Last Updated: Friday 10th of December 2010 12:55:00 AM -0700MSTTate & Lyle plc, a manufacturer of renewable food and industrial ingredients, has sold its Molasses business to W & R Barnett, Ltd., a commodity trader and animal feed manufacturer. Both the entities are based in the UK.
Tate & Lyle has signed an agreement to sell its Molasses business to W & R Barnett for GBP67 ($105.83) million in cash.
Molasses business comprises the global molasses trading desk in London, UK and other marketing operations together with the UK third party storage operations.
The acquisition of assets excludes historic UK pension assets and liabilities and, after costs and subject to movements in exchange rates, is expected to give rise to a small book profit on disposal.
The transaction is expected to occur in the next few weeks for the year 2010.
The proceeds of the sale will be used to reduce Tate & Lyle's net debt.
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