CSM today announces that it has entered into a joint venture agreement with the Tunisian
based company GIAS s.a., that has a leading position in Bakery Ingredients and Margarines
in North Africa. Furthermore, this joint venture that will operate as CSM-GIAS gives CSM
access to a distribution network to a number of African countries and allows CSM to sell its
full bakery product portfolio into this market.
CSM's strategy is geared towards reinforcing its global leading market position, including
expansion to emerging markets, in which this joint venture is another step. The transaction
will not have a material effect on CSM's financials.
About GIAS
GIAS (Générale Industrielle Alimentaire Slama) is a manufacturer of bakery ingredients and margarine
that are sold under leading brands such as Vanoise, La Délicieuse, Feuille d’Or, etc.. GIAS is part of the
Tunisian based SLAMA group, founded in 1950, which is also active in the olive oil and vegetable oil
business in (North) Africa.
GIAS has a leading position in Bakery Ingredients and Fats in North Africa and exports to a number of
African countries through its distribution organization (including Libya, Algeria, Mauritania, Guinea
Conakry, Gabon, Congo, Angola). Its ambient distribution activities include a partnership with Kraft
Foods. GIAS was founded in 1983, has an annual turnover of € 30 million and employs some 500
people.
Diemen, the Netherlands, January 14, 2011
CSM nv
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