The story
Foundation
The Centrale Suiker Maatschappij n.v. (CSM) was founded in 1919 for the production and trade of all kinds of sugar. The company was founded on 24 September 1919 as a new holding in which the participants brought in their assets in exchange for shares. On foundation, there were 100 preference shares of 10,000 guilders each. The participating companies took 12,000 regular shares of 1,000 guilders as follows:
NV Wester Suikerraffinaderij: 6,600 shares
NV Hollandia Hollandsche Fabriek van Melkproducten en Voedingsmiddelen: 4,200 shares
Firma Van Loon en Co; 1,200 shares
Notably people in the combination were:
J.P. van Rossum and H. de Vries Robbé, directors of Wester Suikerraffinaderij
J.M. Wagenaar Hummelinck and M.G. Wagenaar Hummelinck directors of Hollandia
P. van Dusseldorp; P. van Ommeren banker; C.A. van Buuren van Heijst merchant; I.W. Opstelten; P. Lels shipping line owner; J.A.A.M. van Loon industrialist; I.M.A. van Loon engineer.
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In business
In 1920 CSM was listed on the Amsterdam Stock Exchange. In capitalization it ranked just after Shell plc, Jurgens, Van den Bergh and Oliefabrieken Insulinde.
From the start business went downhill due to overproduction and falling prices. The merger included the 17 private sugar factories that remained from the 28 that still existed in 1910. By 1935, CSM consisted of:
Wittouck beet sugar factory in Breda (closed in 2005–2008)
Van Loon & Co sugar factory in Steenbergen (closed in 1979)
The Halfweg sugar factory (large majority share, closed in 1991)
Beetwortelsuikerfabriek Vierverlaten (still in use)
Oud Beijerland Sugar Factory (closed 1972)
Sas van Gent sugar factory (closed 1968)
Wester Suikerraffinaderij, its only sugar refinery (closed 1965)
The parent companies of the new CSM continued to exist. In 1939, CSM and Wester Suiker still produced their own annual reports. After World War II this was known as Administratie Maatschappij Wester Suiker Raffinaderij N.V.
Post World War II, CSM saw very profitable years. From 1952 to 1960 it paid a dividend of 10% or more while it amassed big financial reserves. Later on, the sugar activities would gradually form an increasingly smaller share of total company revenue.
In mid-2006, CSM announced that it would sell its sugar operations to Royal Cosun, the parent company of Suiker Unie. Royal Cosun's daughter company Cosun Beet Company then became the only remaining sugar producer in the Netherlands. CSM Suiker then produced approximately 350,000 to 380,000 tons of sugar per year.
Food
From the mid-1970s, the company grew through acquisitions. In June 1978, CSM bought the food division of Koninklijke Scholten-Honig. In 1986 Verenigde Dropfabrieken was acquired. In 1990, Tonnema was bought.
In 2001, the Foods Division was sold, with well-known brands such as Hak, Honig and De Ruijter. In 2005, the Sweets Division was put on sale. With brands such as Venco, Red Band and Sportlife, some €750 million in sales at CSM disappeared.
Bakery products
Over the years, CSM increasingly focused on the market for the food and confectionery industry, with bakery products and food ingredients. The company was a major supplier to Europe and North America. A major acquisition was that of the bakery ingredient division of Unilever in 2000, for €670 million.
In February 2010, CSM announced the acquisition of Best Brands, one of the largest producers of bakery products in the United States. Best Brands achieved sales of $538 million in 2009. After the acquisition, CSM became the market leader in bakery products with a total annual turnover of more than $2.3 billion.
Lactic acid
In the late 1960s, the production of lactic acid from fermented sugar began. CSM was the market leader in lactic acid and lactic acid derivatives such as ingredients and supplements for shelf life extension of food, cosmetic products, solvents, biodegradable plastics, pharmaceuticals and medical applications.
From Wikipedia’s article on Corbion, shared under CC BY-SA 4.0.5