Dawn Foods, Jackson, Mich., and Royal Cosun, Breda, The Netherlands, acquired Unifine Food & Bake Ingredients business, also in The Netherlands.
Unifine is one of the leading European specialists in developing, producing and supplying value-added pastry ingredients. This intended transaction includes all seven Unifine manufacturing sites, 10 sales offices in Europe and theSucrea, Fruibel, CaulletandDethmers brands.
Unifine Group is an excellent fit as a strategic product platform for Dawn Foods, says Carrie Jones-Barber, chief executive officer, as well as its alignment with geographic market priorities and the many talented Unifine team members, all of which are highly complementary to Dawn’s global footprint. “The deep commitment to customer service and product quality that Dawn and Unifine share will help ensure the continued success of both organizations,” Jones-Barber says.
“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,” says Robert Smith, president and CEO of 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.”
The intended acquisition provided significant benefits to both Dawn and Unifine, says Laurence Saul president of global commercial and international for Dawn Foods. “This intended acquisition provides our team members, customers, joint venture partners and suppliers with global market access through the Dawn Foods family network. We are confident that the intended sale of Unifine to Dawn will provide the business a new perspective by combining expertise and customer knowledge to enable long-term growth opportunities.”
The intended transaction is subject to the approval of 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. The transaction is said to be concluded in the second quarter of 2011.