The Bakery Supplies activities will be divested for an Enterprise Value of €1,050m. This divestment is an important part of CSM nv’s strategy to transform into a bio-based ingredients company.
The businesses planned to be divested by CSM nv comprise the European Bakery Supplies and North American Bakery Supplies businesses (excluding Caravan Ingredients), as well as the international Bakery Supplies activities.
Rhône Capital will also acquire the CSM brand name. In 2012 these businesses had aggregate sales of €2,562m and aggregate EBITA excluding one-off costs of € 106.8m. Total staff comprised 8,220 employees (FTE) at end of 2012.
The net cash proceeds from the divestment are estimated to be approximately € 850m. The difference between Enterprise Value and net cash proceeds, for the largest part, relates to liabilities such as pensions being transferred with the business.
Source: CSM
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