Tate & Lyle has announced plans to build a £140m corn wet mill in Fort Dodge, Iowa, US.

The company, which yesterday reported a 16% increase in pre-tax profit for the full-year to March 31 to £295m, said that the investment would double its ethanol capacity and reduce America's oil dependency.

Iain Ferguson, chief executive of Tate & Lyle, said: “This new facility will create jobs and expand our US strategic presence into the western corn-belt, increasing demand for locally sourced crops.”