CP Kelco Announces Intent to Combine with Tate & Lyle Through Sale by J.M. Huber Corporation

ATLANTA (June 20, 2024) – CP Kelco, a leading global producer of nature-based ingredient solutions, today announced its intent to combine its business with London-headquartered global food and beverage solutions business Tate & Lyle (LSE: TATE.L) through the sale of CP Kelco by J.M. Huber Corporation (Huber). The proposed combination will create a leading and differentiated global speciality food and beverage solutions business.

Huber and Tate & Lyle have entered into an agreement by which Huber will continue to stay invested in CP Kelco through a shareholding of about 16% in the combined Tate & Lyle and CP Kelco holding company Tate & Lyle PLC, following completion of the transaction.  In addition, Huber will hold two seats on its Board of Directors¹. The transaction is expected to close later this year after approval by Tate & Lyle’s shareholders and customary regulatory clearances and closing conditions are met.

Combining CP Kelco’s nature-based, specialty ingredient solutions for stabilization and texture with Tate & Lyle’s sweetening, mouthfeel and fortification platforms will enhance both companies’ capabilities across multiple product categories and unlock new growth opportunities. Further, CP Kelco’s expertise and offerings in consumer care and industrial applications will provide the combined entity with the potential to grow in additional, attractive end-markets.

“For more than 90 years, CP Kelco has served as an innovation partner for companies of all sizes and in more than 100 countries, leveraging our multi-functional, nature-based ingredients across a variety of product formulation challenges and opportunities,” said Didier Viala, President of CP Kelco. “By joining forces with Tate & Lyle, we can create an ingredient innovation powerhouse—one that’s truly committed to meeting consumer and market needs with a unique portfolio of sustainable solutions and our deep technical and applications expertise.”

Nick Hampton, Chief Executive of Tate & Lyle said “A combination with CP Kelco is the perfect fit with Tate & Lyle’s growth-focused strategy and purpose. Together, we will have a compelling customer proposition. With our leading portfolio of speciality ingredients and a world-class team of food science experts, we will be uniquely placed to provide our customers with the solutions they need to meet growing consumer demand for healthier, tastier and more sustainable food and drink. The growth potential of the proposed combined business is significant and we look forward to the future with confidence and excitement.”

The combined entity will provide CP Kelco and Tate & Lyle employees with appealing career opportunities for growth and development, Viala added. “This transaction represents an exciting, new chapter for our business and our people around the globe.”

Footnote

1. Subject to Huber maintaining certain minimum shareholding thresholds in Tate & Lyle PLC.

About CP Kelco

CP Kelco is a nature-based ingredient solutions company with approximately 90 years of experience working with food, beverage, consumer and industrial products manufacturers worldwide. What sets us apart:

• Unlocking Nature-Powered Success^®. Apply ingredient innovation and problem-solving to develop customized solutions that leverage our regional insights and meet manufacturers’ goals to address consumer needs and preferences.
• Unique Portfolio. Produce extensive range of high-quality, plant-based and fermentation-derived ingredients to formulate tailored solutions.
• Technical Excellence. Offer strong collaboration with a global team of scientists and applications experts, leveraging our regional state-of-the art R&D facilities.
• Sustainability. Committed to providing responsibly sourced and produced ingredients.
• Market Understand market and consumer trends to help customers create relevant and innovative products.

Our key product lines include citrus fiber, gellan gum, pectin, carrageenan, xanthan gum, diutan gum, fermentation-derived cellulose, refined locust bean gum and microparticulated whey protein concentrate. Learn more at www.cpkelco.com.

About Tate & Lyle

Supported by our 160-year history of ingredient innovation, we partner with customers to provide consumers with healthier and tastier choices when they eat and drink. We are proud that millions of people around the world consume products containing our ingredients every day.

Through our expertise in sweetening, fortification, and texture, we develop ingredient solutions which reduce sugar, calories, and fat, add fibre and protein, and provide texture and stability in categories including beverages, dairy, bakery, snacks, soups, sauces, and dressings.

We have more than 3,300 employees working in around 58 locations serving customers across 121 countries. Science, Solutions, Society is our brand promise and how we will achieve our purpose of Transforming Lives Through the Science of Food. By living our purpose we believe we can successfully grow our business and have a positive impact on society. We live our purpose in three ways, by supporting healthy living, building thriving communities and caring for our planet.

Tate & Lyle is listed on the London Stock Exchange under the symbol TATE.L. American Depositary Receipts trade under TATYY. In the year to 31 March 2024, Tate & Lyle revenue from continuing operations totalled £1.65 billion. For more information, please visit https://www.tateandlyle.com or follow Tate & Lyle on LinkedIn, X (Twitter), Facebook or YouTube.

About J.M. Huber Corporation

J.M. Huber Corporation, headquartered in Atlanta, Georgia (US), operates a diverse portfolio of companies: CP Kelco, Huber Engineered Materials, Huber Engineered Woods and Huber Resources Corp. With locations around the world, our businesses create products used in a broad range of applications including personal care, food and beverage, agricultural nutrients and adjuvants, building materials, flame retardants and smoke suppressants, as well as sustainable forestry services. Founded in 1883, Huber is one of the largest family-owned companies based in the US. For more information, visit www.huber.com.