Tate & Lyle Announces Investment in Republic of Lao
The mill will have an initial capacity of 5,000 tonnes rising to 10,000 tonnes of cane per day. Lao PDR will be eligible to export sugar duty free into the EU under the Everything But Arms initiative with effect from 1 July 2009.
15/08/07 Tate & Lyle has announced a £2 million investment to acquire a 10% shareholding in Mitr Lao Sugar, a joint venture with leading Asian sugar manufacturer, Mitr Phol Group. Mitr Lao Sugar plans to invest a total of £58 million to produce sugar in the People’s Democratic Republic of Lao. Mitr Lao Sugar will grow sugar cane and construct and operate a new sugar mill in the Savannakhet region of Lao PDR.
The mill will have an initial capacity of 5,000 tonnes rising to 10,000 tonnes of cane per day. Lao PDR will be eligible to export sugar duty free into the EU under the Everything But Arms initiative with effect from 1 July 2009. Raw sugar shipped to the EU by Mitr Lao Sugar will be refined by Tate & Lyle.
Ian Bacon, Chief Executive of Tate & Lyle's Sugars, Europe division, said: "I am delighted to announce this joint venture with our partner Mitr Phol Group, with whom we have worked for many years in Asia. By joining forces we have created a valuable investment and secured a reliable, long-term supply of raw sugar to our refineries in the EU. This is a good example of how Tate & Lyle is responding to changes in the EU sugar market."
