Dawn Foods looks set to acquire Unifine Food & Bake Ingredients, following the announcement in December that Unifine’s parent company Royal Cosun was investigating its potential sale.
The intended transaction would include the acquisition of all seven pastry ingredients business Unifine’s manufacturing sites, ten sales offices in Europe and the brands of Sucrea, Fruibel, Caullet and Dethmers.
US-based bakery manufacturer and ingredients supplier Dawn Foods said the intended acquisition would provide significant benefits to both businesses.
“We decided to divest our fine bakery operations as these do not fit in our core strategic focus which is on the processing of arable crops,” commented Robert P Smith, president & CEO of Netherlands-based Royal Cosun.
“Based on the strong growth over the past 10 years and attractive growth prospects, Cosun is confident that Unifine is now ready to take the next step in its evolution as a part of a strategic world player.”
Dawn Foods CEO Carrie Jones-Barber added: “The deep commitment to customer service and product quality that Dawn and Unifine share will help ensure the continued success of both organizations.”
The acquisition is subject to approval by the relevant competition authorities and completion of the consultation procedures with the relevant works councils and the trade unions in accordance with the SER Merger Code.
It is thought the transaction will be concluded in the second quarter of 2011.