Bunge Acquires Tate & Lyle Sugar Trading Business
White Plains, N.Y., July 2 -- Bunge Limited today announced an agreement to acquire the international sugar trading and marketing division of Tate & Lyle PLC.
The acquisition will strengthen Bunge's position in the sugar value chain by expanding its international trading and marketing activities and by creating a stronger network for sugar origination in Brazil, Thailand and other geographies. The completion of the transaction is subject to the receipt of certain regulatory approvals and other customary conditions.
As a first stage, the operations and employees of Tate & Lyle's international sugar trading business will transfer to Bunge. The working capital in the business will remain with, and be collected and paid by, Tate & Lyle through March 31, 2009, at which point it will be assumed by Bunge upon final completion of the transaction.
"Bunge's strategy is to expand into complementary value chains, and sugar is an essential one," stated Archie Gwathmey, co-CEO, Bunge Global Agribusiness. "In the past two years we have established a sugar marketing and trading operation and purchased a sugarcane mill in Brazil. Strengthening our global team is a natural next step. Tate & Lyle has been one of the world's leading international sugar traders with a long tradition in the business and strong customer and supplier relationships. We are pleased to welcome this team and business to Bunge."
The acquisition will strengthen Bunge's position in the sugar value chain by expanding its international trading and marketing activities and by creating a stronger network for sugar origination in Brazil, Thailand and other geographies. The completion of the transaction is subject to the receipt of certain regulatory approvals and other customary conditions.
As a first stage, the operations and employees of Tate & Lyle's international sugar trading business will transfer to Bunge. The working capital in the business will remain with, and be collected and paid by, Tate & Lyle through March 31, 2009, at which point it will be assumed by Bunge upon final completion of the transaction.
"Bunge's strategy is to expand into complementary value chains, and sugar is an essential one," stated Archie Gwathmey, co-CEO, Bunge Global Agribusiness. "In the past two years we have established a sugar marketing and trading operation and purchased a sugarcane mill in Brazil. Strengthening our global team is a natural next step. Tate & Lyle has been one of the world's leading international sugar traders with a long tradition in the business and strong customer and supplier relationships. We are pleased to welcome this team and business to Bunge."