Tate & Lyle, PLC is exploring the possibility of separating its Food & Beverage Solutions business from its Primary Products business by selling a controlling stake in the Primary Products business to a new long-term financial partner. The board of directors for the London-based company believes such a transaction could enable Tate & Lyle and the new business to focus their respective strategies and capital allocation priorities and create opportunity for enhanced shareholder value. 

Since discussions with potential partners in the Primary Products business are at an early stage, there is no certainty a transaction will happen.

Tate & Lyle continues to execute its strategy and remains confident in growth prospects, according to the company. The Primary Products business reported revenue growth of 9% for three months ended Dec. 31, 2020, when compared to the same time of the previous year. Sweetener volume was higher than the same time of the previous year while industrial starch volume was in line with the same time of the previous year. Commodities had strong revenue growth. Revenue in the Food & Beverage Solutions business increased 8% in the three months ended Dec. 31, 2020.