CSM NV returns Eur250 million to shareholders, sells bakery business

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CSM NV, a firm from the Netherlands, is giving back Eur250 million or $334 million, to its shareholders. The company, which recently announced the sale of its bakery business, is setting targets for its new ingredients operations arm, Corbion. CSM NV shareholders will acquire an all-cash dividend worth Eur0.70 each share, totaling to Eur50 million. The shareholders are also expected to receive the remainder via buy-back of shares.

CSM NV's bakery unit reported to have struggled during the recent quarters. The bakery unit comprised the bulk of the company's earnings. CSM signed the deal with Rhone Capital to sell the unit for Eur850 million, expected to close within the third quarter.

The Dutch company said in a statement, "Corbion is a leading player offering high value added ingredients to food companies, helping them solve their food integrity issues such as food safety, microbial spoilage, look and feel, and taste and smell."

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