CSM, now known as Corbion, has completed the divestment of its Bakery Supplies business to “affiliates of Rhône Capital”.
The Bakery Supplies business - which includes CSM’s former European and North American Bakery Supplies businesses, as well as its international Bakery Supplies activities, have been divested for an enterprise value of €1.05bn (£900m).
Rhône Capital also acquired the CSM brand name for its Bakery Supplies activities.
The decision for the newly named Corbion to slim down its portfolio and focus on bio-based ingredients was announced in May last year, with Rhône Capital announced as the successful bidder in March 2013.
According to Corbion, in 2012 these businesses had aggregate sales of €2.56bn (£2.17bn) and aggregate ebitda, excluding one-off costs, of €106.8m (£90.72m). The total number of employees stood at 8,220 at the end of 2012.
Gerard Hoetmer, chief executive officer, Corbion, said: “We are pleased to have successfully completed the divestment of our Bakery Supplies businesses. This transaction is in the best interests of all stakeholders, including employees, shareholders, and customers.
“We believe that, as part of Rhône Capital, the Bakery Supplies activities will develop their business further.”
Last month, British Baker reported that raw material costs had dented CSM (United Kingdom’s) operating profits for the full year to 31 December, despite improving volumes.
The manufacturer and distributor of bakery ingredients and products saw turnover increase 21.2% to £188.6m, but operating profit dropped from £7m in 2011 to £4.9m last year.