DIEMEN, THE NETHERLANDS — Shareholders of CSM n.v. on July 3 approved a proposed strategic transformation of CSM into a bio-based ingredients company. The transformation includes plans to divest CSM’s North American and European Bakery Supplies businesses.
CSM on May 7 gave details on the transformation. After the divestment, CSM’s Purac business, a market leader in lactic acid and its derivatives, should account for 56% of CSM’s sales. CSM’s Caravan Ingredients, a leader in North American markets for specialty ingredient such as emulsifiers and enzymes, should account for the other 44% of sales. In 2011, Purac and Caravan Ingredients combined for €704 million in sales.
The bakery supplies businesses to be divested had sales of €2,409 million in 2011.