Narrow-Moat Tate & Lyle Makes Good Progress Improving EBITDA in a Challenging Market Environment
Tate & Lyle, or T&L, is focused on the increasing use of alternative ingredients in food and beverage to remove unhealthy components (sugar, fat, salt), improve nutritional credentials through added fiber, and increase the shelf life of products. We assign the company a narrow moat, as we believe that efforts over the last few years to optimize the portfolio, culminating with the sale in 2022 of a controlling stake in the commoditized primary products business unit, have improved the company’s pricing power and competitive position.