Dive Summary:
- CSM has announced it is planning to divest its bakery supply operations to Rhone Capital, a private equity firm, for $1.05 billion.
- In a press release, the company said they had quite a few bidders for the operation, hinting that the business was strong and ready to grow.
- CSM itself is trying to focus more on being a bio-based ingredient company. The bakery supply business made up two thirds of the overall company.
From the article:
The sale comprises the European and North American bakery supplies businesses (excluding Caravan
Ingredients) and all international activities along with the CSM brand name. The deal, subject to regulatory
approval from competition authorities in the US and Europe, is set to clear in the third quarter (Q3) of this year. ...