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Corbion N.V. — M&A Activity 2007
Aug 7, 2007
3826_iss_2007-08-07_4efad3ff-e9d1-4fc0-a52a-197f7b8a6cc2.pdf
M&A Activity
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CSM nv Corporate Communications
P.O. Box 349 1000 AH Amsterdam The Netherlands
Nienoord 13 1112 XE Diemen
T +31 (0)20 590 62 16 F +31 (0)20 590 62 17 E [email protected]
Press Release
CSM ACQUIRES KATE'S CAKES IN UK
Diemen, the Netherlands, August 7, 2007 – CSM has acquired Kate's Cakes based in the UK for a consideration of £ 20.5 million for the shares plus the assumption of £ 12 million in debt.
Kate's Cakes is a successful and leading supplier of premium cakes, muffins, cookies and desserts to the food service and out-of-home market segments. Kate's Cakes operates a production facility in the UK in Ashington, West Sussex, and has 470 employees. Sales amount to £ 23 million. Kate's Cakes has had strong double digit growth over the last few years. The successful management team will be staying with the company. This acquisition will accelerate CSM's growth plans in these premium segments.
Gerard Hoetmer, CEO of CSM said: "This acquisition, together with the recent acquisition of Titterington's in the US, will create additional value for CSM in these premium market segments. It allows us to more quickly become a worldwide partner for the leading companies in the fast growing high quality food service and out-of-home market segments."
----------------------------------------------------------------------------------------------------------------------- For more information, please contact:
Press: Corporate Communications, tel. +31 (0)20 5906216 Analysts: Ian Blackford, Investor Relations Manager, tel. +31 (0)20 5906349 / cell phone +44 (0)7767 227506
Background information:
CSM is the largest supplier of bakery products worldwide and is global market leader in lactic acid and lactic acid derivatives. CSM produces and distributes an extensive range of bakery products and ingredients for artisan and industrial bakeries and for out-of-home markets. It also produces a variety of lactic acid applications for the food, chemical and pharmaceutical industries. CSM operates in business-to-business markets throughout Europe, North America, Brazil, and Asia, generates annual sales of € 2.4 billion and has a workforce of around 8,200 employees in 22 countries. CSM is listed on Euronext Amsterdam. For more information: www.csm.nl.