Tate & Lyle Completes Redpath Sale
After adjusting for the mark-to-market gain on inventory and allocated costs, the underlying profit contribution to Tate & Lyle was also £18 million. At 30 September 2006 Redpath had gross assets of £110 million and net operating assets of £84 million.
26/04/07 Tate & Lyle PLC has completed the sale of Tate & Lyle Canada Ltd to American Sugar Refining, Inc. The signing of a conditional agreement for this disposal was announced on 14 February 2007. The effective date for this transaction is 22 April 2007.
The net consideration for Redpath is £131 million (C$298 million), subject to closing adjustments relating to working capital. The consideration will be used to reduce Group debt.
In the year to 31 March 2006, Redpath had total sales of £177 million and a profit before interest and exceptional items of £18 million. After adjusting for the mark-to-market gain on inventory and allocated costs, the underlying profit contribution to Tate & Lyle was also £18 million. At 30 September 2006 Redpath had gross assets of £110 million and net operating assets of £84 million.
