Dutch-Swiss health, nutrition and biosciences company DSM and Switzerland's Firmenich, the world’s largest privately-owned taste and perfumery company, have announced they are to merge.
DSM-Firmenich, as the new entity will be known, will comprise four businesses, including Perfumery & Beauty, with combined revenues of €3.3bn, and Health, Nutrition & Care, which covers the dietary supplements industry.
Food & Beverage/Taste & Beyond and Animal Nutrition & Health complete the DSM-Firmenich portfolio.
The new company will have dual headquarters in Kaiseraugst, Switzerland and Maastricht in the Netherlands.
“DSM-Firmenich will bring together leading creativity and cutting-edge science and innovation,” said Thomas Leysen, Chairman of the DSM Supervisory Board.
“Together we will be able to better serve the needs of customers and deliver compelling growth and returns.
“However, successful mergers require more than complementary capabilities or compelling financials; they not only require balanced governance and a respect of the interests of all stakeholders, but they crucially require shared values.
“My colleagues and I are convinced we have all of those elements, and it is for this reason that the Supervisory Board of DSM concluded that this is truly a merger which is in the interest of all stakeholders.”
“The combination of DSM and Firmenich is transformational, and brings together two culturally aligned and iconic businesses, each with over 125 years' heritage of innovation,” added Firmenich Chairman Patrick Firmenich.
“Our shared purpose and common values, combined with our highly complementary capabilities gives me confidence we can accelerate our growth further through innovation and new creations.
“I am confident that for all stakeholders of the future DSM-Firmenich business, the most exciting times are still to come.”