Tate & Lyle has announced its acquisition of stevia solutions business, Sweet Green Fields (SGF), for an undisclosed sum.
With its acquisition of SGF, Tate & Lyle gains a ‘broad’ portfolio of stevia products and a fully integrated stevia supply chain.
As well as strengthening Tate & Lyle’s sweetener solutions offering, the acquisition also reportedly expands the company’s presence in the Asia Pacific region with dedicated stevia production and research and development facilities in Anji, China.
Tate & Lyle first partnered with SGF in 2017 when it became the exclusive global distributor of the company’s portfolio of stevia-based ingredients and solutions. The following year, Tate & Lyle acquired a 15% stake in the business.
Tate & Lyle’s acquisition of the remaining shares of SGF is expected to simplify the existing relationship and unify the companies’ capabilities.
SGF’s revenue for the year ending 31 December 2020 is anticipated to be around $50 million, including revenue for products Tate & Lyle currently sells as distribution agent.
“Sweet Green Fields is an exceptional business with a leading portfolio of stevia solutions, a strong team of stevia experts and an impressive, fully integrated supply chain,” said Nick Hampton, chief executive, Tate & Lyle.
“This acquisition supports our strategy to grow our sweetener solutions portfolio and our purpose of ‘improving lives for generations’ by helping us to deliver tasty food and beverages with less sugar to consumers worldwide.”
Dean Francis, chief executive, Sweet Green Fields, added: “I am proud of the leading stevia business that the Sweet Green Fields team has built. Tate & Lyle, with its global customer reach, innovation focus, and strong sweetener portfolio, is the ideal company to take Sweet Green Fields forward, supporting food and beverage customers across the globe and enabling healthier consumer diets.”
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