Food group CSM may also be willing to sell its name alongside the bakery ingredients division, chief executive Gerard Hoetmer says in an interview with Monday’s Financieele Dagblad.
‘It might be possible’ to sell the name if a buyer wants it, Hoetmer said. ‘But it is too early to say definitely.’ The name CSM derives from Centrale Suiker Maatschappij (central sugar society) and dates back to the company’s origins in the sugar beet industry in 1919.
The company hopes to have made progress on selling the bakery division, which books annual sales of €2.4bn, by the beginning of next year. Hoetmer told the FD there is a lot of interest from potential buyers but did not give more details.
When the bakery activities have been divested, the company will consist of Purac and the US division Caravan Ingredients, which are both active in biotechnology. The company hopes the sale of the bakery unit will allow for investment in biotech, reduce debts and benefit shareholders.