CSM announces strategic transformation
Following a comprehensive review of the group's strategy, instigated by the earlier Business Review, CSM announces today that it intends to transform into a bio-based ingredients company focusing on the Purac and Caravan Ingredients businesses. Bakery Supplies requires funding to participate in the market consolidation, and bio-based ingredients also has attractive opportunities to invest in value creating, high growth activities. In the longer term CSM does not have sufficient financial resources to exploit both. CSM therefore proposes to start a major divestment process for the North American and European Bakery Supplies businesses that will enable the group to redeploy capital into activities better able to deliver higher growth and enhanced shareholder value.
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