The firm has seen a continued trend away from artisanal production in Europe, which has hit the ingredients side of its business, where in-store bakery and out-of-home consumption are growing. In light of this, the firm said it would be looking to divest part of the BSEU business – up to 30% – unless its performance could be enhanced.
Net sales at the company increased by 4.1% to €3,112.6m (£2,628.5m) during 2011, which CSM said had largely been driven by price increases to compensate for higher input costs.
Acquisitions contibuted 3.1% of the growth, while organic sales growth stood at 3.7%. Sales in the fourth quarter fell by 1.5%. Loss after tax stood at €174.3m (£147.2m) for 2011 compared to a profit of €99.3m (£83.8m) in 2010.
CSM sees profits fall
- Published: 22 February, 2012
CSM Global has announced a shake-up of its Bakery Supplies Europe (BSEU) business after sales continued to fall on the back of changing trade patterns.
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