The story
DSM was formed by the Dutch state in 1902 to mine coal reserves in southern Limburg and although the company had diversified into commodity chemicals and petrochemicals by 1973, when the last mine closed, DSM retains a link to its origins by continuing to use the initials, originally an abbreviation for Dutch State Mines, to this day.
During World War II researchers worked on penicillin. The code name Bacinol was used to keep the research secret from the Germans. The research was done at the company Koninklijke Nederlandsche Gist- en Spiritusfabriek, 'Royal Dutch Yeast and Spirits Factory', later becoming DSM Sinochem Pharmaceuticals, in Delft.
In 1989, the government floated 70% of its shares in the company on the Amsterdam Stock Exchange (now Euronext Amsterdam) with the remaining 30% floated in 1996, thereby completing DSM's privatisation. The 21st century has seen DSM follow successive five-year strategic periods of portfolio transformation and internationalisation involving acquisitions, divestments and partnerships. In 2001, 48% of DSM's workforce was based in the Netherlands; in 2017, this was 18%.
In 2022, DSM and Swiss privately owned group Firmenich announced their intention to form a "merger of equals" to form DSM-Firmenich. The merger was completed in May 2023.
Acquisitions
1998: Koninklijke Gist-Brocades N.V. (food ingredients, pharmaceuticals, yeast- and enzyme-based production process technology).
2000: Catalytica Pharmaceuticals (pharmaceutical intermediates).
2003: Roche – vitamin division.
2005: NeoResins (water-based coating resins).
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2011: Martek Biosciences Corporation (nutritional products derived from microalgae and fermentation technology).
2011: Vitatene (natural carotenoids derived from fermentation of Blakeslea trispora fungus).
2012: Verenium – food enzymes and oilseed processing business division.
2012: Kensey Nash (biomedical regenerative medicine).
2012: Ocean Nutrition Canada (fish-oil derived nutritional products).
2012: Cargill – cultures and enzymes business division.
2012: Fortitech (customised nutrient premixes).
2013: Unitech (micronutrient premixes and macronutrient blends).
2013: Andre Pectin (food hydrocolloids).
2013: Tortuga (nutritional supplements for pasture raised cattle).
2015: Åland (vitamin C).
2015: Cubic Tech (high-performance, ultra-lightweight, flexible laminates and fabrics).
2020: Erber Group – Biomin and Romer Labs (mycotoxin and allergen tests in food).
2020: Glycom (human milk oligosaccharides, infant formula supplement).
2021: Amyris – Flavour & Fragrance business division.
Divestments
2002: Petrochemicals (hydrocarbons, polyethylenes, polypropylenes, polyolefins).
2001: Quinine and Cinchona Alcaloids to Buchler GmbH.
2010: Ammonia, fertiliser and melamine.
2010: Thermoplastic elastomers.
2010: EP(D)M rubber.
2010: Toluene oxidation.
2017: Patheon, a pharmaceutical contract development and manufacturing organisation (CDMO) joint venture with JLL Partners, to Thermo Fisher Scientific Inc.
2021: Resins & Functional Materials business to Covestro AG.
2022: Protective Materials business to Avient Corporation
2022: Engineering Materials business to Advent International and LANXESS
Partnerships
DSM has stated that these partnerships have been created with a view to the company's ultimate exit from the businesses concerned.
2009: DSM and NCPC sign contracts to establish nutrition and anti-infectives joint ventures in China
2011: DSM Sinochem Pharmaceuticals, joint venture (DSM 50%) with the Sinochem Group. DSM Sinochem Pharmaceuticals is a manufacturer of generic anti-infective molecules.
2015: ChemicaInvest, joint venture (DSM 35%) with CVC Capital Partners. ChemicaInvest consists of three business units; Aliancys (composite resins), AnQore (acrylonitrile), and Fibrant (caprolactam).
DSM has applied IFRS 11 to its associates and joint ventures since 2013.
From Wikipedia’s article on DSM (company), shared under CC BY-SA 4.0.5