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CSM n.v., Diemen, Netherlands, has reached an agreement with Rhone Capital, LLC, New York, to sell its Bakery Supplies businesses to Rhone for approximately $1.3 billion.
The sale involves CSM’s European Bakery Supplies and North American Bakery Supplies businesses, excluding Caravan Ingredients, as well as its international bakery supplies activities. Rhone Capital also acquires the CSM brand name. These businesses had aggregate sales of approximately $3.3 billion in 2012.
“The intended divestment of our Bakery Supplies businesses is a milestone in the development of the company, and an essential step towards our goal of transforming into a leading supplier of innovative bio-based ingredients and solutions,” says Gerard Hoetmer, CEO of CSM. “Just as important, as part of Rhone Capital, the Bakery Supplies businesses, continuing with our highly appreciated workforce, will have more opportunities to develop their strong market positions in Europe and North America, build a strong presence in new markets and lead the trend towards further industry consolidation.”
Completion of the sale is subject to regulatory clearance from authorities in Europe and the United States. The transaction is expected to be finalized in the third quarter of 2013.