BRITISH agro-processing firm, Tate and Lyle (T&L), has reaffirmed its commitment to lend assistance in several areas of the local sugar industry so as to ensure the sector achieves its projected turnaround. The reassurance came at the conclusion of a visit here by Tate & Lyle officials to bring their counterparts within the Guyana Sugar Corporation (GuySuCo) and its shareholder, the Government of Guyana up to speed on the recent acquisition of Tate and Lyle by American Sugar Refining Inc (ASR), the largest cane-sugar refiner in North America.
Reputedly worth more than £2bn on the stock exchange, Tate & Lyle announced on July 1 that it had agreed the sale of its historic sugar business to ASR  for a mere £211m.
Word on the stock market is that the proceeds from the sale, which gives ASR the right to retain the Tate & Lyle trademark, will be used to help the 89-year-old company reduce the £814m debt it has racked up.
According to the Tate officials, who wrapped up their sojourn here yesterday, the company’s intention is “to help Guyana grow more cane, produce more sugar, and to develop a viable sugar industry for the long-term.”
GuySuCo noted in a release that they were reassured that the new merger between T&L and ASR will not affect its current business contract and partnership with Tate and Lyle.
Tate and Lyle is GuySuCo’s European customer, and the two entities have enjoyed a close business partnership over the years.
ASR, based in Yonkers, New York, owns and operates six cane sugar refineries across North America. Its brands include Domino, Florida Crystals and Redpath.