Dutch food group CSM has struck a deal to buy US bakery manufacturer Best Brands for US$510m.
CSM, which already has bakery operations in Europe, the US and Asia, said the acquisition of Best Brands would create “the undisputed leader” in North America’s bakery supplies business.
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“The acquisition strengthens CSM’s global leadership position in the segments and product categories that CSM has targeted for future growth, particularly in the in-store bakery market,” the company said yesterday (4 February).
The transaction, which will create a business worth $2.3bn in sales, remains subject to regulatory approval, although CSM said it expects to complete the deal next month.
