Tate Profit Slumps 77%, Abandons Ethanol Plant Plans

Bloomberg Businessweek
May 27, 2010, 12:07 PM EDT
By Thomas Biesheuvel

May 27 (Bloomberg) -- Tate & Lyle Plc, the maker of low- calorie sweetener Splenda, said full-year profit slumped 77 percent as it took a 217 million-pound ($315 million) charge after abandoning plans to open an ethanol plant in the U.S.

Net income fell to 15 million pounds in the year through March from 65 million pounds a year earlier, the London-based company said today in a statement. Sales were little changed at 3.51 billion pounds.

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