Tate & Lyle To Reopen U.S. Plant
LONDON (AP) — Sugar and sweeteners company Tate & Lyle PLC says it plans to reopen a mothballed U.S. plant to meet surging demand for sweeteners after reporting a strong rise in full-year earnings.
The London-based company on Friday reported net earnings of 163 million pounds ($268 million), up from 15 million pounds a year ago. Revenue rose 8 percent to 2.7 billion pounds.
Tate & Lyle says it plans to restart production of its Splenda sucralose product at the McIntosh, Alabama, plant during the first half of 2013.
The company had shut the factory two years ago to transfer production to Singapore, but says that is no longer meeting demand amid a growing trend for healthy eating. The group makes more than half its profits from Splenda and speciality starches.