Royal Cosun has announced it has decided to look at options to sell off Unifine Food & Bake Ingredients (Unifine F&Bi), its pastry ingredients business.

Cosun has retained ING Corporate Finance as its financial advisor to conduct a comprehensive review of all strategic options, with the aim of optimising the business.
Unifine, according to Cosun, is one of the leading European specialists developing, producing and supplying food ingredients with production facilities in Belgium, Germany, Hungary, Portugal, France, the Netherlands and Romania, supported by a network of sales offices throughout Europe.
Based on the strong growth over the past 10 years and attractive growth prospects, Cosun is confident that Unifine is now ready to take the next step in its evolution. Cosun will take into account the interest of all stakeholders and on that basis will look for the best options to facilitate the growth strategy of Unifine.
According to the company's financial statement in March this year, Unifine's turnover for 2009 was reduced by lower sales, particularly in countries that were hit hard by the economic headwind, such as Russia and the export to non-euro countries.
But Cosun says Unifine's 'operating profit was improved by a significant cut in costs and by efficiency measures'.