Food ingredients group CSM said on Tuesday it is to change its name to Corbion in the ‘latest stage’ of its transformation into a provider of bio-based products.

The company statement also outlined its new sales targets of 3% to 5% for its bio-based food ingredients arm and 15% to 20% for biochemicals.

CSM said it is on track to complete the earlier announced divestment of its bakery supplies business to Rhône Capital in the early part of the third quarter.