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CSM's dough-based deal
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July 11, 2000: 5:34 a.m. ET
Dutch firm pays $665M for Unilever bakery services unit
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LONDON (CNNfn) - Unilever on Tuesday reversed its recent practice of spending money, agreeing to sell its bakery supplies business to CSM NV of the Netherlands for  700 million ($665 million).
Anglo-Dutch Unilever, one of the world's biggest food and household products makers, signaled earlier this year that the unit was no longer a core activity, when it said it would focus on fewer brands. 
The European bakery services unit makes frozen pastries, cake and bread mixes and other products, operating in 13 countries. The unit employs almost 4,000 people and generates annual operating profit of 60 million from revenue of 860 million, the companies said.
Amsterdam-based CSM makes food and food ingredients. In a statement the Dutch firm said it expects to extract synergies of 20 million a year by integrating the Unilever unit into its existing activities.
In recent months Unilever has spent almost $30 billion buying food companies outside Europe. Most of that money went on buying Bestfoods Inc. (BFO: Research, Estimates), with further acquisitions including diet-food maker Slim-Fast Foods and novelty ice cream firm Ben & Jerry's Homemade Inc.
Unilever (ULVR) shares were unchanged at 402 pence in London Tuesday, while CSM stock jumped 5 percent in Amsterdam to 21.60. 
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CSM
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