Tate & Lyle has announced a significant acquisition and financial strategy. The UK-based sweetener maker will buy U.S.-based CP Kelco from J.M. Huber for approximately $1.8 billion (£1.4 billion). The proposed transaction is expected to complete in Q4 of 2024 and is anticipated to be accretive to earnings. Tate & Lyle targets run-rate cost synergies of at least $50 million by the end of the second full fiscal year post-completion. Additionally, Tate & Lyle will shortly commence a share buyback programme of up to £215 million, starting on June 20, 2024, and ending on or before March 31, 2025. The company's existing approach to capital allocation and dividends will remain unchanged.