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CSM prepares for bids on its bakery division
Tags: Excerpts from the Windmill
DIEMEN - Dutch food and ingredients group CSM wants to sell off its bakery business. The decision to offload the division is the result of CSM seeing its future as a bio-based ingredients supplier instead. The world's largest bakery ingredients group, CSM, formerly known as the Centrale Suikermaatschappij founded in 1919, has indicated that it will sell off its bakery assets in North America and Europe. The Dutch ingredients giant is convinced that it is unable to invest in both its bakery and bio-ingredients businesses. CSM anticipates an increasing level of consolidation in the European and US bakery sectors and says it is not in a position to lead this process if it is to focus on the development of its more profitable bio-plastics unit. Market analysts anticipate that CSM could raise as much as €900 million for the division. It sold its sugar activities to Royal Cosun in 2007.