Dutch food ingredients firm CSM expects to make a major progress on the sale of its bakery unit by early 2013. The company is currently undertaking preparatory work to divest the unit.
CSM's bakery unit, which supplies ready-made muffins and croissants, bread and pastry mixes, was put up the unit for sale in May 2012. CSM blamed weak consumer spending and high raw material costs for the move and added that it would direct its efforts on more profitable natural products.
For the first half year of 2012, earnings before interest, taxes and amortisation (EBITA) excluding exceptional items decreased 8% to €73.7m, while net sales increased 6% to €1.62bn.
CSM, based in based in Diemen, the Netherlands, is the leading player in bakery products, natural food preservation, green chemicals, and biopolymers.
