Dutch food ingredients company CSM has announced that it has reached an agreement with Unilever on the acquisition of the Anglo-Dutch consumer goods giant’s bakery ingredients business in Hungary.

The acquisition, which is valued at €5.1m (US$5.9m), covers Unilever’s sales activities in bakery ingredients and products in Hungary, which are sold to wholesalers and bakers.

Unilever is the largest supplier of bakery fats to the Hungarian market, offering products that are mainly sold under the Meister label. The business generates an annual turnover of €13m.

CSM plans to combine the business with the operations of its CSM Bakery Supplies Europe in Hungary into a business which will operate under the name BakeMark Magyarorszag, reported Dow Jones International News.