Tate & Lyle completes Mexican sugar sale

Tate &Lyle has completed its sale of its Mexican sugar business, removing itself from volatile commodity markets and allowing it to refocus on value-added ingredients.

The ingredients giant announced the move in October and has since received clearance under the Mexican Federal Economic Competition Law to complete the sale of its 49 per cent shareholding in its Mexican business, Grupo Industrial Azucarero de Occidente.

The firm sold its stake to E D &F Man Holdings for US$93m (€66.5m), marking Tate &Lyle's departure from the sugar industry in the Americas.