Dutch food group CSM has announced that it has reached an agreement in principle to acquire Glucona, a gluconic acid derivative manufacturer, for €35m (US$34.2m) in cash.
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Glucona, which has an annual turnover of around €30m, is currently owned by cooperative AVEBE and has production facilities in the Netherlands and in the US. The derivatives that it produces are used as a calcium and mineral enricher in food and pharmaceutical products, reported Reuters News.
The company holds a strong position in the high-quality gluconic acid derivatives market and will be a useful addition to CSM Biochemicals.
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