AMSTERDAM, The Netherlands - At its Capital Markets Day in Amsterdam on June 19, CSM presented its new company name, Corbion, and its new growth strategy for the period 2013 to 2016. The new name and strategy mark the latest stage of the ongoing transformation of the company into a leading provider of bio-based products, with activities in bio-based food ingredients and bio-chemicals. The company is on track to complete an earlier-announced divestment of its Bakery Supplies business to Rhône Capital in the third quarter of 2013.
Built on the strong foundations of Caravan Ingredients and Purac, Corbion has a wealth of expertise in bio-based food ingredients and bio-chemicals.
In bio-chemicals, Corbion is a fast-growing supplier of fermentation-derived, sustainably sourced bio-chemicals. Corbion's aim is to replace fossil-based chemicals in selected markets by offering products with similar or improved functionality, lower cost-in-use, and enhanced environmental credentials. Growth in bio-chemicals will be underpinned by investments in innovation and developing partnerships. Corbion has already reached a number of key milestones, such as the recently announced partnerships with BASF and Cargill.
The company also discussed financial targets for 2013 to 2016. Average organic sales growth for Corbion is targeted at 6-9 percent CAGR. Within that, average organic sales growth for the Biobased Food Ingredients division is targeted at 3-5 percent, with a target of 15-20 percent for Biochemicals. The Biochemicals sales growth is expected to step up towards the end of the period, as lactide sales (mostly related to bio-plastics) are expected to increase, and the new bio-based molecule platforms start to generate initial revenues. Corbion's EBITDA margin is targeted to exceed 15 percent by 2016, reflecting growth and efficiency initiatives.