CSM: Shareholders approve strategic transformation

Diemen / NL. (csm) The CSM Extraordinary General Meeting of Shareholders, held on 03 July, approved the proposed strategic transformation of CSM into a bio-based ingredients company. CSM N.V. announced in May its intention to transform the company into a bio-based ingredients company comprising its Purac and Caravan Ingredients businesses (see bakenet:eu on 2012-05-08). This will involve a divestment process for its North American and European Bakery Supplies businesses. Purac is an innovative biotechnology company. It is the world market leader in lactic acid and its derivatives. Purac is leveraging its fermentation capabilities to expand beyond lactic acid into other bio-based alternatives for petrochemically based products. Caravan Ingredients has leading positions in the North American markets for specialty ingredients including lactic acid based emulsifiers, functional blends containing enzymes, and fortification ingredients.