Tate & Lyle, the cereal sweete-ners and starches company, has announced the sale of its Canadian sugar refining business, Redpath, to American Sugar Refining, for a net consideration of £132 million.
Redpath operates a cane sugar refinery in Toronto and a packing operation in Niagara Falls in Canada. The sale is conditional upon Canadian regulatory approvals, which are expected to be resolved within 90 days.
In the year to 31 March 2006, Redpath had total sales of £177m and a profit before interest and exceptional items of £18m. At 30 September, 2006, Redpath had net operating assets of £84m, according to the company.