Ingredion agrees to acquire Tate & Lyle in multi-billion deal 

UK – Ingredion has secured unanimous support from Tate & Lyle’s board for its cash acquisition offer, valuing the UK-based specialty ingredients company’s share capital at approximately £2.7 billion (US$3.6 billion).  

The proposed transaction implies an enterprise value of around £3.7 billion (US$5 billion) and is expected to create a scaled global ingredient solutions provider serving food and beverage manufacturers across texture, sugar reduction, mouthfeel, sweetening and fortification categories.  

Upon completion, the combined business is expected to generate approximately US$9.9 billion in annual revenue and adjusted EBITDA of US$1.8 billion.  

Both companies said the enlarged group will be better positioned to support manufacturers as they reformulate products to meet growing consumer demand for healthier, affordable and better-tasting food and beverage options.  

Ingredion said the acquisition will establish “a global leader in ingredient solutions” by expanding its specialty ingredients platform and strengthening its capabilities in texturants, sugar reduction and fortification.  

The company will also gain access to Tate & Lyle’s expertise in multi-ingredient systems, recipe development, mouthfeel and sweetening technologies.  

“Combining Ingredion and Tate & Lyle’s complementary portfolios establishes the innovation expertise and geographic reach that will help create the future of food,” said Jim Zallie, Chairman, President and Chief Executive Officer of Ingredion.  

“The combined business will be better positioned to serve customers’ needs for the development of great-tasting, healthier, and affordable food products that consumers demand. This compelling combination will create exciting new possibilities for employees and generate significant value for all stakeholders,” he added.  

The acquisition will bring together complementary manufacturing and supply networks across the Americas, Europe, the Middle East and Africa, and Asia-Pacific. Ingredion said the broader footprint will enable faster, more reliable and cost-effective delivery of ingredient solutions to customers worldwide.  

The transaction follows a major transformation at Tate & Lyle, which has shifted its focus from commodity ingredients to specialty food and beverage solutions. The company divested its Primary Products business in the Americas through transactions completed in 2022 and 2024 and strengthened its specialty portfolio with the acquisition of CP Kelco in November 2024.  

David Hearn, Chair of Tate & Lyle, said the company had been “successfully repositioned as a leading global specialty food and beverage solutions business aligned to growing consumer demand for healthier, more nutritious and sustainable food and drink.”  

“Looking forward, we believe the next chapter with Ingredion will create a business with even greater potential, greater scale, and increased investment in innovation in support of customers,” Hearn said.  

Ingredion expects the integration to deliver approximately US$130 million in annual run-rate net cost synergies by the end of 2030.  

The company anticipates the transaction will be completed in the second half of 2027, subject to shareholder, regulatory and court approvals.  

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