CSM expands in UK
group Country Home Bakers for €28 million.
Dutch food group CSM has acquired UK-based Readi-bake from the US group Country Home Bakers for €28 million.
With annual sales of approximately €22 million, Readi-bake, which produces American-style cookies, will become part of CSM Bakery Supplies Europe.
CSM, a leader in ingredients and convenience products for the bakery sector, said in a statement this week that the Readi-bake acquisition would "considerably strengthen its position in the British market for sweet treats".
According to the Dutch company, the activities of Readi-bake fit perfectly with Arkady Craigmillar, a supplier of bakery ingredients within this CSM division.
The acquisition - financed through the use of existing credit lines - is effective from this week and will immediately contribute to CSM's earnings per share.
Readi-bake employs 80 personnel and operates a purpose built factory located in Milton-Keynes, UK.
