CSM sold its bakery ingredients division to private equity firm Rhone Capital for $1.05bn in March, including the CSM brand name. Now Corbion will focus on biochemical and bio-based food ingredients with a strong focus on the bakery and meat sectors, particularly ingredients to combat spoilage, and improve the look, feel, taste and smell of products.
The company said that it would also target mergers and acquisitions into adjacent markets.
Gerard Hoetmer, CEO of Corbion, said in a statement: "Our new name and logo signify the next phase in the development of our company. We will leverage our proprietary technologies and intimate understanding of customers and consumers to further develop our market positions in biobased products.”
The company said it would target organic sales growth of 6-9% CAGR, including growth for the Biobased Food Ingredients division of 3-5%, and 15-20% for Biochemicals.