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In addition, the company's sugar and sweetener group said that it was selling its Australian cane sugar operation, Bundaberg, and was also buying minority shareholdings in its United States sweetener group Staley and the European starch manufacturer Amylum.
Tate & Lyle said it had sold Bundaberg to the Belgium-based Societe Financiere des Sucres for $162 millionn, or $247 million, and spent $274 millionn buying up minority interests of 10percentt in Staley and 36.7percentt in Amylum, making Tate & Lyle the owner of those two divisions.
Analysts said the near-term earnings outlook for Tate was poor, although the strategic moves at Bundaberg, Staley and Amylum were positive for the longer term.
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