Tate & Lyle has today completed the acquisition of an 80% holding in German specialty food ingredients group G. C. Hahn & Co (Hahn) for a total cash consideration of £78m.
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Under the terms of the deal, announced initially in April, Hahn’s former owner is to retain a 20% stake in the company. However, the deal includes options for Tate & Lyle to acquire the outstanding shares in due course.
“The combination of Hahn with Tate & Lyle’s existing products, systems and applications skills will provide our customers with a comprehensive texturant offering with particular expertise in the dairy and convenience food sectors,” said Tate & Lyle CEO Iain Ferguson in April.
Headquartered in Lübeck, Hahn is a family-owned company with production operations in Germany, the UK, the US and Australia, and sales offices in some 22 countries.
In 2006, the company generated sales of EUR102m (US$138m) and profits before interest, tax, exceptional items and amortisation of EUR10m.
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