September 09th 2015
Tate & Lyle to increase EMEA prices for corn-based specialities by 20% on lower corn yields.
Tate & Lyle has announced that it will increase prices of its Speciality Food Ingredients in Europe, Middle East and Africa (EMEA) by up to 20% across a range of corn-based specialty starches, sweeteners and fibers. Price changes will be effective beginning 1 October 2015.
“The decision to increase ingredient prices is never taken lightly,” Pierre Boulanger, Vice President of Speciality Food Ingredients and Sales EMEA said. “However, the recent extreme heat conditions across the European corn belt have led to lower yields, impacting the availability and cost of European corn, a key raw material for our ingredients.”
Tate & Lyle’s Speciality Food Ingredients division consists of three platforms: Texturants, which includes speciality starches and stabilisers; Sweeteners, which comprises nutritive sweeteners and our range of no-calorie sweeteners including SPLENDA Sucralose; and their Health and Wellness portfolio which includes specialty fibers and salt-reduction offering. Additionally, their Food Systems business provides a wide variety of blended ingredient solutions.
Tate & Lyle recorded sales of £2.7 billion in the year ending 31 March 2015 but issued its third profit warning in a year this February, which triggered a steep fall in the company’s share price.