Tate & Lyle already has a 15% stake in SGF, which has its head office in Washington state but has a significant presence in China, and has worked with it since 2017.
The acquisition simplifies the existing relationship by creating a fully integrated supply chain and commercial organisation, it said. No financial details were released.
Sweet Green Fields revenue for the year ending December 31, 2020, is expected to be around US$50mln, including revenue for products Tate & Lyle currently sells as distribution agent.
Use of stevia is growing rapidly as a low-calorie sweetener, the FTSE 250 group noted, particularly in beverages, dairy and snacks. In the year ended March 31, 2020, Tate & Lyle’s stevia revenues grew by 23%.
In a statement, Nick Hampton, Tate & Lyle’s chief executive, said: “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.
“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.”
Published at Tue, 01 Dec 2020 08:11:00 +0000-Tate & Lyle acquires stevia group Sweet Green Fields