Timing has taken the shine off Tate & Lyle’s shift towards the burgeoning speciality ingredients market. That evolution took a giant step forward this year when it offloaded a controlling stake in a more volatile sweeteners and industrial starches business. Double-digit inflation, impending recession and supply chain disruption have cast a shadow over the FTSE 250 constituent’s progress.
The result? Tate & Lyle is still valued at a marked discount to international specialty ingredient rivals such as Corbion and Sensient Technologies. But if Tate can continue to navigate the immediate macroeconomic challenges it could earn a valuation closer to its peers.
The $1.3 billion sale of a majority stake, along with board control, of the North and Latin American primary products business to the private
