LONDON — Tate & Lyle, PLC will change to three segments: Food & Beverage Solutions, Sucralose, and Primary Products Europe with expectations that most of the growth will come in Food & Beverage Solutions, executives of the London-based company said at a Feb. 8 capital markets event. Central costs no longer will be reported separately.

The company also set organic performance goals for the five fiscal years ending March 2028: annual revenue growth of 4% to 6%, annual EBITDA growth of 7% to 9%, an improvement in return on capital employed of up to 50 basis points annually on average, and $100 million of cumulative productivity benefits.

Tate & Lyle has different goals for each segment. The company expects growth in the high single-digit percentages in Food & Beverage Solutions to drive the company’s revenue increases.

“Food & Beverage Solutions is by far our largest business, representing 81% of revenue and over 80% of EBITDA,” said Nick Hampton, chief executive officer. “Its role is to drive growth, revenue growth and margin expansion.”

Sucralose represents 12% of Tate & Lyle’s revenue and will be expected to maintain attractive returns, he said.

“The role of Sucralose in the portfolio hasn’t changed significantly in the last couple of years,” Mr. Hampton said. “It’s core to our sweetener toolbox. It’s an attractive specialty ingredient in its own right.”

He added, “Nobody has picked up the phone to offer us any money for the business, and for now it’s core to the future of the business in that it plays a different role to the rest (of Tate & Lyle’s ingredients).”

Primary Products Europe represents 7% of the company’s revenue. Tate & Lyle plans to reduce the segment’s size over time, mainly through the planned transition of capacity to specialty ingredients, Mr. Hampton said.

“We’ve got the primary products business in Europe, where our objective is actually to exit that business over time,” said Dawn A. Allen, chief financial officer for Tate & Lyle.

Tate & Lyle changed as a company last year as well. Tate & Lyle in April 2022 completed the sale of a controlling stake in a new company, Primient, to KPS Capital Partners LP. Primient is comprised of Tate & Lyle’s former Primary Products business in North America and Latin America and its former investment interests in Almidones Mexicanos SA de CV and DuPont Tate & Lyle Bio-Products Co., LLC joint ventures. KPS holds a majority interest in Primient and has board and operational control. Tate & Lyle has a minority interest.

Tate & Lyle, after the formation of Primient, began giving financial results for Food & Beverage Solutions, Sucralose and Group.

At the Feb. 8 capital markets event Tate & Lyle executives also gave details on sourcing raw materials and doing business in international markets.

Corn made up over 80% of Tate & Lyle’s raw material base five years ago, Mr. Hampton said. Since then Tate & Lyle has acquired a stevia business, a fiber business, a tapioca business and a protein business to diversify its substrate base.

“And corn is now still more than half of our overall raw material base, but significantly less than the 80%-plus it would have seen five years ago, and that’s a conscious decision to do two things, really: one, broaden diversity of our substrate base because that’s a good thing to do from a sustainability and from a resilience perspective, but actually, more fundamentally, it’s about exposing ourselves to faster-growing markets and strengthening our core platforms,” Mr. Hampton said.

In 2018, 11% of Tate & Lyle’s revenues came from the markets of Asia, the Middle East, Africa and Latin America, Mr. Hampton said, but in the 2022 fiscal year, 29% of the revenue came from those regions.