Tate & Lyle, the global renewable ingredients company, today announced the formation of a joint-venture with an Israeli partner to build and operate a sugar plant in Israel.
The joint-venture company will supply high quality sugars to a range of users in the Israeli market. This will partially replace traditional sugar imports from the European Union, which will be restricted following European sugar regime reform and the WTO ruling on exports.
Tate & Lyle will acquire 65% equity in the new Company, the net assets of which will be £8.1m ($14.3m).
“This investment is another example of how we are reacting positively to changes to the European sugar regime,” said Stanley Musesengwa, Chief Operating Officer, Tate & Lyle PLC. “It will enable us to continue serving our customers effectively by replacing our existing European Union exports to Israel.
“Tate & Lyle has been exporting white sugar from its London-based refinery to Israel for over twenty-years and has built a reputation for high sugar quality, prompt deliveries and good customer service.”
The plant will be designed by Tate & Lyle’s specialist engineering division, Tate & Lyle Process Technology.