Tate & Lyle to pay €25.9 m damages over ASR sugar deal

By Nathan Gray

- Last updated on GMT

Tate & Lyle to pay €25.9 m damages over ASR sugar deal
UK-based speciality ingredients producer Tate & Lyle PLC has confirmed that a UK court has awarded American Sugar Refining (ASR) damages of £18m (€24.9m) after the firm brought legal action.

The claim made by ASR relates to the acquisition of Tate & Lyle's European sugar business by ASR for £211 million (€286m) in 2010.

ASR has sought damages of up to £40 million (€54.25m) from Tate & Lyle for a number of claims relating to its acquisition of the sugar business.

A judgment was handed down on 29th​ September at the Commercial Court in London, in which the court found in favour of ASR on two elements of its claims, whilst rejecting all other aspects.

“Accordingly, in the judgment, the court has awarded damages of £18 million (€24.9 million) to ASR (with interest and costs to be determined in due course),”​ said Tate & Lyle in a statement.

The claim had been disclosed in Tate & Lyle’s Annual Report since 2012 and the expected announcement of the judgement was highlighted in the firms Trading Statement in July 2015, it added.

Related topics Business

Related news

Follow us

Products

View more

Webinars