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Tate & Lyle has completed the sale of its remaining 49.7% interest in Primary Products Investments (Primient) to KPS Capital Partners.
Primient produces food and industrial ingredients from plant-based resources. With over a century of experience, it specialises in corn-derived products used in beverages, confectionery, packaging, and animal feed. The company employs around 1,800 people at six manufacturing facilities in the US and Brazil.
The transaction, which was first announced last month, brought in cash proceeds of $350 million, with net proceeds, after tax and transaction costs, expected to be about $270 million.
The company plans to return the net proceeds to shareholders through an on-market share buyback programme, which began last Thursday, 20 June.
#TateandLyle #Primient #KPS
