Bakery group CSM issues profit warning
Bakery ingredients group CSM issued a profit warning on Monday due to falling consumer confidence and higher raw material prices.
CSM forecasts operating profit will be down 10% to 15% on last year. The company is also to cut its workforce by 200 jobs in Germany, France and the US. Third quarter operating profit was down almost 25% to €27m on turnover up 2% at €640m.
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