CSM expands North American bakery segments
bakery supplier Titterington's, as the company aims to
expand its operations in the region.
The $23m (€17m) deal was effective as of 11 June, and covers all the Massachusetts based company's product portfolio of scones, muffins, cakes and pastries. Reinoud Platenburg from CSM said: "This acquisition gives us a very good stepping stone into the fast growing food service and out-of-home market segments and will therefore create additional value for CSM." Earlier this year, the Dutch firm acquired ADM's North American bakery ingredients division in a $55m (€41m) deal, on top of its already strong presence in the US bakery ingredients market with its subsidiaries CI, BakeMark and Brill. They said the deal is "an excellent fit with CSM's growth strategy in these segments". Titterington's specialises in providing scones, cookies, loaf cakes, brownies and other baked goods to the food service, and employs 190 staff in its Woburn factory. Following their fifth facility expansion in 2006, Titterington's claims to be the originator of the scone in America, and it prides itself "on being a flexible and responsive speciality baking company". CSM claims to hold second place in the North American bakery ingredients market, through its 7 percent share of the total $21bn (€16bn) market.
