Dutch CSM hit by costsThis article was originally published in Foodnews
SURGING raw material costs are expected to impact earnings for CSM, the world's largest supplier of bakery products. The Dutch group said a higher-than-expected rise in costs would lead to lower first-half earnings, despite having implemented price rises. "We have not yet been able to fully compensate [for] the increased raw material cost in the quarter and also we have had some loss of volume as the market adjusted to higher prices," the company said in a statement. It said raw material costs were trending towards an increase of EUR240 million (USD336 million) for the full year, more than its previous guidance for a rise of at least EUR200 million.