CSM to Sell Part of its French Bakery Business

The factory specializes in beignets and crude frozen viennoiseries such as croissants and pain au chocolat. Sales amount to approx. EUR 25 million. CSM said that it expects to complete the transaction in the first quarter of 2007.

24/01/07 CSM has reached agreement with Panavi on the sale of certain activities of its subsidiary Délices de la Tour in France. The transaction relates to the production activities of Délices de la Tour in Le Mans. The factory specializes in beignets and crude frozen viennoiseries such as croissants and pain au chocolat. Sales amount to approx. EUR 25 million.

CSM said that it expects to complete the transaction in the first quarter of 2007. The sale proceeds will amount to approx. EUR 15 million. All factory employees (approx. 140) will be transferred to the new owner. The stone-oven bread activities of Délices de la Tour in Maubeuge are not part of the transaction.

This transaction fits in with the announcement made during the presentation of the Midyear results in August that CSM was looking for a structural solution for the Le Mans activities of DLT.