- Monsanto announced Feb. 4 the signing of a definitive
agreement related to the sale of our tabletop sweetener business, including
the Equal, Canderel and NutraSweet tabletop brands, to Tabletop Acquisition
Corp. (TAC), whose institutional investors are led by Pegasus Capital Advisors,
L.P. and MSD Capital, L.P. Under terms of the agreement, TAC will pay $570
million cash for the business.
- All tabletop sweetener people will be offered employment
by the new owners. The tabletop-sweetener management team will remain
in place following completion of the transaction.
- The divestiture of the tabletop business is part of a
restructuring plan announced by Monsanto that includes selling businesses
that are not core to our long-term strategy.
- "TAC is acquiring a solid, established business
with highly recognizable brands, a sound customer base and a quality, experienced
management team," said Gary Crittenden, Monsanto's chief financial
officer. "As we stated last year, the tabletop sweetener business,
as well as the sweetener ingredients and biogums businesses, are excellent
revenue-generating businesses that are not in line with Monsanto's strategic
direction. We're pleased that TAC is investing in the tabletop sweetener
business and intends to further enhance its competitive position in the
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