Rising costs force Tate & Lyle to lift prices
TATE & LYLE has raised its sweetener prices by up to 20 per cent to offset a surge in corn costs.
The company, which last year sold its sugar-refining business to focus on ingredients, yesterday said it had agreed a hike in corn sweetener prices charged to big food and drink manufacturers such as Coca-Cola to recover a 40 per cent corn price rise.
However it added that the increased cost of keeping its corn silos full would increase net debt from its present £462million to £540million.
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Despite this, chief executive Javed Ahmed hailed an “encouraging” performance in the three months to December 31.