As revealed in The Netherlands financial publication Financieele Dagblad, Gerard Hoetmer, chief executive of CSM, said: “It might be possible to sell the name, but it is too early to say definitely.”
CSM, which stands for Centrale Suiker Maatschappij (Central Sugar Society), originates back to the firm’s background in the sugar beet industry in 1919.
At the end of October British Baker reported that CSM had announced an Information Memorandum, which would be sent to a number of potential buyers for its Bakery Supplies business. This included historical and forward-looking statements revealing consistent sales growth of the division for the “next few years”.
The company revealed that both arms of the Bakery Supplies business saw a drop in sales volume in its third-quarter financial results, with a 5.6% decline in Europe (BSEU) and a 2.8% fall in the North American division (BSNA).
On announcement of the sale of the Bakery Supplies divisions in Europe and North America back in May, CSM said it would be focusing on bio-based ingredients.
This consists of Purac, a biotechnology company focusing on lactic acid and its derivatives, and Caravan Ingredients, which has leading positions in the North American market for ingredients such as lactic acid-based emulsifiers, functional blends containing enzymes and fortification ingredients.