Royal DSM merges with Firmenich

Royal DSM NV announced on Tuesday that it plans to merge with fragrance and flavor company Firmenich SA to form DSM-Firmenich, with completion and listing on Euronext Amsterdam expected in the first half of 2023.

The Dutch nutrition, health and life sciences company said its shareholders will own a total of 65.5% of the expanded company after the merger, while Firmenich shareholders will hold the remaining interest. The deal implies an increased market cap of 25.3 billion euros ($27.27 billion).

DSM Chairman Thomas Leysen becomes Chairman of DSM Firmenich, Firmenich Chairman Patrick Firmenich becomes Vice Chairman. DSM Co-CEOs Geraldine Matchett and Dimitri de Vreeze will be appointed Co-CEOs of the new company.

Upon completion of the merger, the company expects mid-single-digit organic revenue growth, which will be in the 5% to 7% range over the medium-term, and high-single-digit adjusted Ebitda growth. In addition, the company expects to generate around €350 million in adjusted Ebitda pre-tax synergies each year through 2026, including an annual revenue increase of €500 million.

Write to Joe Hoppe at Royal DSM merges with Firmenich

Brian Lowry

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