DSM (company)

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Royal DSM N.V.
TypeNaamloze vennootschap
Founded1902; 121 years ago (1902)
HeadquartersHeerlen, Netherlands
Key people
Dimitri de Vreeze (co-CEO)
Geraldine Matchett (co-CEO)
Edith Schippers (President)
Rob Routs (Chairman of the Supervisory board)
ProductsNutritional ingredients, specialty food ingredients, engineering plastics, Dyneema®, coatings, biomedical materials, biomass conversion technology, solar efficiency technology.
Revenue8.632 billion (2017)[1]
€957 million (2017)[1]
€649 million (2017)[1]
Total assets€12.802 billion (2017)[1]
Total equity€7.065 billion (2017)[1]
Number of employees
21,054 (2017)[1]
DSM Headquarters in Heerlen, the Netherlands, pictured in 2011

DSM (short for Dutch State Mines[2]) is a Dutch multinational corporation active in the fields of health, nutrition and materials. Headquartered in Heerlen, at the end of 2017 DSM employed 21,054 people in approximately 50 countries and posted net sales of €8.632 billion in 2018[1] and €9.204 billion in 2021.[3]


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.[4]

During World War II researchers worked on penicillin. The code name Bacinol was used to keep the research secret from the Germans.[5] The research was done at the company Nederlandsche Gist- en Spiritusfabriek, 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 privatization. The 21st century has seen DSM follow successive five-year strategic periods of portfolio transformation and internationalization involving acquisitions, divestments and partnerships.[6][7] In 2001, 48% of DSM's workforce was based in the Netherlands; in 2017, this was 18%.[1]

In 2022, DSM and Swiss privately-owned group Firmenich announced their intention to form a "merger of equals" to form a new group named "DSM-Firmenich".[8]


  • 1998: Gist-brocades (food ingredients, pharmaceuticals, yeast- and enzyme-based production process technology).[9]
  • 2000: Catalytica Pharmaceuticals (pharmaceutical intermediates).[7]
  • 2003: Roche's vitamin division.[7]
  • 2005: NeoResins (water-based coating resins).[7]
  • 2011: Martek (nutritional products derived from microalgae and fermentation technology).[7][10]
  • 2011: Vitatene (natural carotenoids derived from fermentation of Blakeslea trispora fungus).[11]
  • 2012: Verenium's food enzymes and oilseed processing business.[12]
  • 2012: Kensey Nash (biomedical regenerative medicine).[13]
  • 2012: Ocean Nutrition Canada (fish-oil derived nutritional products).[14]
  • 2012: Cargill’s cultures and enzymes business.[15]
  • 2012: Fortitech (customized nutrient premixes).[16]
  • 2013: Unitech (micronutrient premixes and macronutrient blends).[17]
  • 2013: Andre Pectin (food hydrocolloids).[18]
  • 2013: Tortuga (nutritional supplements for pasture raised cattle).[19]
  • 2015: Åland (vitamin C).[20]
  • 2015: Cubic Tech (high-performance, ultra-lightweight, flexible laminates and fabrics).[21]
  • 2020: Erber Group – Biomin and Romer Labs (mycotoxin and allergen tests in food).[22]
  • 2020: Glycom (human milk oligosaccharides, infant formula supplement).[23]
  • 2021: Amyris Flavor & Fragrance business.[24]



DSM has stated that these partnerships have been created with a view to the company's ultimate exit from the businesses concerned.[35]

DSM has applied IFRS 11 to its associates and joint ventures since 2013.


DSM's five business groups are clustered according to product and market combinations, with the business group directors reporting directly to the Managing Board. Since 2015, DSM's activities have been grouped into three clusters: Nutrition, Materials and Innovation Center.


The Nutrition cluster is made up of DSM Nutritional Products and DSM Food Specialties. DSM Nutritional Products produces essential nutrients such as synthetic vitamins, carotenoids, human milk oligosaccharides, nutritional lipids and other ingredients for the feed, food, pharmaceutical and personal care industries. DSM Food Specialties manufactures food enzymes, cultures, yeast extracts, savory flavors, hydrocolloids and other specialty ingredients for the dairy, baking, beverage and savory segments. DSM also manufacturers a novel cattle feed additive (Bovaer) to reduce methane production from dairy production.[37] In 2021, DSM was ranked 6th on FoodTalks' list of Top 30 Global Probiotic Food Ingredient Companies.[38]


The Materials cluster is made up of DSM Engineering Materials, DSM Protective Materials and DSM Resins & Functional Materials. DSM Engineering Materials’ specialty plastics are used in components for the electrical and electronics, automotive, flexible food packaging and consumer goods industries. DSM Protective Materials is the inventor, manufacturer and marketer of Dyneema. DSM Resins & Functional Materials manufacture resins solutions for paints, inks, stereolithography, and industrial and optical fiber coatings.

Innovation Center[edit]

In addition to the role of supporting innovation in the businesses and DSM's venturing activities, the Innovation Center is responsible for the company's ‘Emerging Business Areas’; DSM Biomedical (biomaterials and regenerative medical devices), DSM Bio-based Products & Services (biomass-conversion technology) and DSM Advanced Solar (AR-coatings and Photovoltaic-films for solar modules).

Current strategy[edit]

Financial targets[edit]

In November 2015, DSM announced that up to 2018 it was targeting a high single-digit annual percentage increase in EBITDA and a high double-digit annual basis point increase in Return on Capital Employed (ROCE). It will focus on organic sales growth, reducing costs and strict capital allocation and does not expect to engage in large acquisitions in the near future.[39]

Environmental targets[edit]

Within its corporate strategy the company also defines long-term sustainability aspirations, which include targets to improve the eco-efficiency of its operations. In November 2015, DSM set the following environmental reduction targets:

Indicators New targets
GHG efficiency improvement 45% by 2025 (reference 2008)
Energy efficiency improvement 1% annually (>10% from 2015-2025)
Renewable electricity 50% by 2025
Reduction of emissions to air per unit of product (VOC, NOX, SO2) 40% in 2020 (reference 2015)
Waste 80-90% recycled by 2020
Water Water risk assessments completed on 90% of selected sites by 2020

Since 2010,[40] the Short[1]- and Long-Term Incentive[1] elements of the remuneration of DSM's Managing Board[41] and executive bonuses[42] relate to the company's financial and environmental performance in equal measure. Since 2004,[43] DSM has been either the Materials industry group leader, (7 years) or among the leaders in the annual Dow Jones Sustainability Index.


DSM is listed on Euronext Amsterdam and is a constituent of the AEX index. Options on DSM shares are traded on the European Option Exchange in Amsterdam. In the US, a sponsored unlisted American Depositary Receipts (ADR) programme is provided by Deutsche Bank Trust Co. Americas. These ADR's are listed on the OTCQX International Premier Marketplace.


  1. ^ a b c d e f g h i j "Annual Report 2017". DSM. Retrieved 12 June 2017.
  2. ^ "Our heritage | DSM". @corporate. Retrieved 2023-05-19.
  3. ^ "DSM reports 2021 results | DSM". @corporate. Retrieved 2022-02-16.
  4. ^ Messing, F.A.M. (1988). De Mijnsluiting in Limburg. Leiden: Nijhoff. p. 224. ISBN 90-6890-241-5.
  5. ^ Gaynes, Robert (2017). "The Discovery of Penicillin—New Insights After More Than 75 Years of Clinical Use". Emerg Infect Dis. 23 (5): 849–853. doi:10.3201/eid2305.161556. PMC 5403050.
  6. ^ Volberda, Henk (2013). Re-inventing Business. Assen: Van Gorcum. p. 270. ISBN 978-90-232-5146-0.
  7. ^ a b c d e Jeannet, Jean-Pierre, Schreuder, Hein (2015). From Coal to Biotech: The Transformation of DSM with Business School Support. Berlin Heidelberg: Springer-Verlag. pp. 198, 207, 215, 233. ISBN 978-3-662-46299-7.
  8. ^ "dsm-firmenich | DSM". @corporate. Retrieved 2023-05-19.
  9. ^ Cassiman, Bruno; Colombo, Massimo G (2006). Mergers & Acquisitions: The Innovation Impact. Cheltenham: Edward Elgar Publishing. p. 145. ISBN 978-18-472-0158-4.
  10. ^ Will Yakowicz. "With A $120 Million War Chest, Brightseed Is Unlocking The Fat-Fighting Power Of Hemp". Forbes.
  11. ^ "DSM completes acquisition of Vitatene S.A.U." AllAboutFeed. 5 July 2011. Retrieved 2016-03-08.
  12. ^ "DSM Acquires Verenium Assets". www.cancernetwork.com. 2012-03-28. Retrieved 2016-03-08.
  13. ^ Jones, Kristin. "Royal DSM to buy Kensey Nash for $337M". MarketWatch. Retrieved 2016-03-08.
  14. ^ Steinglass, Matt (2012-05-18). "DSM to acquire Canadian nutrition group". Financial Times. ISSN 0307-1766. Retrieved 2016-03-08.
  15. ^ "Cargill confirms signing of agreement with DSM on sale of cultures and enzymes business". www.cargill.com. Retrieved 2016-03-08.
  16. ^ NutraIngredients.com. "DSM buys Fortitech for €495m; "We are done for awhile"". NutraIngredients.com. Retrieved 2016-03-08.
  17. ^ "NZ Ministry of Business, Innovation and Employment". www.business.govt.nz. Retrieved 2016-03-08.
  18. ^ "DSM Closes Acquisition Of Andre Pectin's Stake - Quick Facts". RTTNews. Archived from the original on 2016-03-09. Retrieved 2016-03-08.
  19. ^ Andrew Noel (8 August 2012). "DSM Buys Animal-Nutrition Supplier Tortuga for $576 Million". Bloomberg.com. Retrieved 2016-03-08.
  20. ^ FeedNavigator.com. "Vitamin C supply: Aland deal won't change DSM's global ranking". FeedNavigator.com. Retrieved 2016-03-08.
  21. ^ "Mesa's Cubic Tech Corp. purchased by Dutch company". azcentral. Retrieved 2016-03-08.
  22. ^ "DSM to add world-leading animal nutrition and health specialty businesses with acquisition of Erber Group | DSM".
  23. ^ "DSM completes acquisition of Glycom | DSM". @corporate. Retrieved 2022-02-16.
  24. ^ "DSM acquires Flavor & Fragrance bio-based intermediates business from Amyris | DSM". @corporate. Retrieved 2022-02-16.
  25. ^ "Gulf Industry Online - Sabic gets world boost". www.gulfindustryworldwide.com. Retrieved 2016-03-15.
  26. ^ Spanish National Commission for Markets and Competition CNMC https://www.cnmc.es/index.php/eu/node/339052 Retrieved 2021-01-21.
  27. ^ "History of OCI Nitrogen". www.ocinitrogen.com. Retrieved 2016-03-08.
  28. ^ "Teknor Apex Company has acquired the Sarlink TPV product range". www.teknorapex.com. Archived from the original on 2016-03-09. Retrieved 2016-03-08.
  29. ^ "Press Releases - LANXESS News". lanxess.com. Retrieved 2016-03-15.
  30. ^ "Emerald Performance Materials completes acquisition of DSM Specialty Products, BV". www.emeraldmaterials.com. 2010. Retrieved 2016-03-08.
  31. ^ "Thermo Fisher Scientific Completes Acquisition of Patheon".
  32. ^ "DSM completes sale of Resins & Functional Materials businesses | DSM". @corporate. Retrieved 2022-02-16.
  33. ^ "DSM announces sale of Protective Materials business | DSM".
  34. ^ "DSM announces sale of Engineering Materials business".
  35. ^ "Annual Report 2016". DSM. Retrieved 3 March 2017.
  36. ^ "404". {{cite web}}: Cite uses generic title (help)
  37. ^ "Minimizing methane from cattle | DSM". @corporate. Retrieved 2022-02-16.
  38. ^ Zhao, Viola (2021-04-20). "2021年全球食用益生菌原料企业30强". www.foodtalks.cn (in Simplified Chinese). Archived from the original on 2022-01-17. Retrieved 2022-01-17.
  39. ^ Groningen, Elco van (4 November 2015). "DSM to Cut Up to EU300 Million in Costs, Exit Joint Ventures". Bloomberg. Retrieved 2016-03-09.
  40. ^ Milne, Richard; Steen, Michael (2010-02-23). "DSM to link managers' pay with green credentials". Financial Times. ISSN 0307-1766. Retrieved 2016-03-09.
  41. ^ Paolo Perego, Associate Professor, Department of Accounting & Control, Rotterdam School of Management, Erasmus University (8 July 2014). "Sustainability bonuses: a credible sign of corporate responsibility?". discovery.rsm.nl. Retrieved 2016-03-09.{{cite web}}: CS1 maint: multiple names: authors list (link)
  42. ^ "BUSINESS: Get your bonus? Nah, I missed my climate target". www.eenews.net. Retrieved 2016-03-09.
  43. ^ "DSM, KLM rank high in annual Dow Jones Sustainability Index : Biofuels Digest". www.biofuelsdigest.com. 13 September 2015. Retrieved 2016-03-09.