CP Kelco: Tate + Lyle announces completion of merger

London / UK. (tl) Further to the announcements in June and October 2024, Tate + Lyle PLC announces that on 15 November 2024 it completed the acquisition of the entire issued share capital of CP Kelco U.S.; CP Kelco China; and CP Kelco ApS together with each of their respective subsidiaries (together «CP Kelco») a leading provider of pectin, speciality gums and other nature-based ingredients, from J.M. Huber Corporation. There has been no material change affecting any matters contained in the company’s announcements relating to the Transaction.

Chief Executive Nick Hampton: «As we complete the combination with CP Kelco, we begin a new chapter in Tate + Lyle’s long and rich history. We are delighted to welcome our new colleagues from CP Kelco, as well as its customers and partners to Tate + Lyle. This is an exciting time for both businesses as we come together to create a new and compelling proposition for our customers. With its unique portfolio of ingredients and solutions capabilities, and leading positions across sweetening, mouthfeel and fortification, the combined business is perfectly positioned to support customers as they look to meet growing global consumer demand for healthier, tastier and more sustainable food and drink.

My thanks to all those who worked so tirelessly and diligently across Tate + Lyle and CP Kelco to complete this transaction. I would also like to thank Gretchen McClain and the team at Huber for their immense contribution, and to welcome Glenn and Cláudia to the Tate + Lyle Board. The growth potential of the new business is substantial, and we look forward to the future with great excitement and confidence.»

Board changes

In accordance with the relationship agreement entered into between Tate + Lyle and Huber, Huber is currently entitled to nominate two non-executive directors to the board of Tate + Lyle with effect from the completion of the Transaction. Tate + Lyle is pleased to announce the appointment of Glenn M. Fish, Executive Vice President + Chief Financial Officer of Huber, and Cláudia Vaz de Lestapis, Executive Vice President, General Counsel and Corporate Secretary of Huber, to the Board as non-executive directors, with effect from 15 November 2024.

Issuance of Consideration Shares to Huber

In accordance with the terms of the Transaction, the Company has issued and allotted 75,000,000 new fully paid Tate + Lyle ordinary shares to Huber as part consideration for the Transaction. Huber is now a significant long-term shareholder of Tate + Lyle, owning approximately 16% of the Company’s share capital immediately following completion of the Transaction. Applications have been made for the Consideration Shares to be admitted to listing on the Equity Shares Category of the Financial Conduct Authority’s Official List and to trading on the London Stock Exchange’s main market for listed securities. It is currently anticipated that Admission will occur at 08:00 (UK Time) on 18 November 2024.

Total Voting Rights

Following the issuance and allotment of the Consideration Shares, and in accordance with the FCA’s Disclosure Guidance and Transparency Rules 5.6.1R and 5.6.1AR, the Company hereby notifies the market that the Company’s issued share capital as at 15 November 2024 consists of 476,722,733 ordinary shares, including 24,813,4001 Ordinary Shares held in Treasury. Ordinary Shares held in Treasury do not carry any voting rights. Therefore, following the issuance and allotment of the Consideration Shares, the total number of voting rights in the Company is 451,909,333 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Tate + Lyle under the Disclosure Guidance and Transparency Rules.