CSM given green light for transformation

The proposed move by CSM to ditch its European and North American bakery businesses, and refocus on bio-based ingredients was approved at an Extraordinary General Meeting of Shareholders yesterday (3 July).

CSM Global announced in May this year that it proposed to undergo a strategic transformation, and would focus on its bio-based ingredients businesses, Purac and Caravan Ingredients.

As reported by British Baker in May, CSM said its bakery supplies businesses require funding to participate in market consolidation and that it did not have sufficient funds to exploit the growth in both bakery supplies and bio-ingredients.

It added that it saw bio-ingredients as offering more attractive opportunities in “value-creating, high-growth activities”.

Related stories:

>> CSM to sell European bakery arm

>> CSM sees profits fall

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