Dutch food ingredients group CSM said on Monday it had agreed to sell its bakery supplies business for 850 million euros ($1.1 billion) to private equity firm Rhone Capital.
CSM put its main bakery supplies business, which makes muffins and pastries mainly for European and U.S. retailers, up for sale in May 2012, blaming weak consumer spending and high raw material prices, in order to focus on more profitable food ingredients.
