Tate & Lyle suffers slump in demand during coronavirus lockdown
Tate & Lyle suffered a drop in demand for its products last month due to the closure of restaurants, cinemas and bars.
The company said bulk sweetener volume in the US was 26 per cent lower due to reduced out-of-home consumption during coronavirus lockdowns.
Meanwhile industrial starch volume was nine per cent lower as demand for paper and packaging fell following the closure of schools and offices.
Tate & Lyle’s food and beverage division, which develops new ingredients, continued to perform well during April. The conglomerate said demand was strong at the beginning of the month for ingredients used in packaged foods as US and European shoppers stockpiled goods.
However this was offset later in the month by a drop in demand for food consumed outside of the home.
Tate & Lyle chief executive Nick Hampton said: “From the outset of the pandemic, our priority has been to look after our employees and local communities, keep our operations running and support our customers.
“The fact that all our manufacturing facilities have remained fully operational during the pandemic and customer orders have continued to be fulfilled, often at very short notice, is a testament to the commitment and skill of all our employees.”