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UK's Tate & Lyle to hike prices of some products in North America

UK's Tate & Lyle to hike prices of some products in North America
FILE PHOTO: The logo of Tate & Lyle compagny is seen on their European Innovation Centre in Villeneuve d'Ascq, France, September 26, 2018. REUTERS/Pascal Rossignol -
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(Reuters) – British food ingredients maker Tate & Lyle Plc <TATE.L> said on Friday it would increase price at its food and beverage unit in North America from Oct.1, blaming a rise in production costs.

The company, which traces its roots back to a sugar business in 1859, said it would raise the prices of its speciality food starches, fibres, speciality and high intensity sweeteners among others by 12%.

Tate & Lyle in May forecast broadly flat to low-single digit growth in earnings per share for 2020, with progress limited by lower profit from sucralose products and market challenges in primary products consisting of high-volume sweeteners, industrial starches and fermentation products.

(Reporting by Indranil Sarkar in Bengaluru; Editing by Arun Koyyur)

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