Tate & Lyle: Upbeat Tone to Third-Quarter Trading Statement
Tate & Lyle, the starch and sweetener ingredients manufacturer, reported an upbeat trading performance in the third quarter ended December 2016. Trends were little changed from the first half, with bulk ingredients doing well, offset by a more challenged speciality business. We maintain our no-moat rating and our GBX 680 fair value estimate, with the shares offering poor value at current levels.Not only has North American bulk sweetener volume remained robust, but the sweetener pricing roun...
Tate & Lyle and its subsidiaries are engaged in providing ingredients and solutions to the food, beverage and other industries. Co. has two segments: Specialty Food Ingredients (SFI) and Bulk Ingredients (BI). The SFI segment develops ingredients and solutions for customers globally for food and drink. Co. focuses on three areas of this market: texturants, sweeteners, and health and wellness. The BI segment provides food ingredients and industrial products primarily for customers in the North American market. The main product lines include: bulk sweeteners, industrial starches, acidulants, and commodities.
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