DSM to acquire Vestkorn Milling to accelerate growth in plant-based proteins

Heerlin, HollandAnd November 29, 2021 /PRNewswire/- Royal DSM, a global, science-based company, announced today that it has signed an agreement to acquire the Norwegian company Vestkorn Milling, a subsidiary of Europe Leading producer of pea and bean-derived ingredients for plant protein products, with an enterprise value of €65 million.

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Vestkorn Milling is well positioned in the burgeoning alternative protein market, providing proteins, starches and dietary fiber for plant foods, pet foods and animal feeds. The company has 55 employees and is headquartered in Tao on the southwest coast of the island of Norway.

Patrick NilesDSM, Executive Vice President of Food and Beverage, commented on the acquisition: “We very much look forward to welcoming Vestkorn Milling and their team to DSM. Food and beverage producers around the world are increasingly looking to partners who can provide a complete range of ingredients, expertise, and solutions to help them differentiate and reach their potential. This is especially important in the highly dynamic meat alternatives space, where consumer and societal expectations about authentic taste, texture, and nutritional profile, as well as the impact of climate, are becoming more complex.”

lie wires, CEO of Vestkorn Milling, added: “By collaborating with DSM, we have taken a huge step towards becoming a global leader in pulse-based ingredients. Over the past years, we have expanded our business and market significantly. With DSM, we have acquired a long-term oriented owner. The term should support further growth and expansion. We are delighted with this opportunity, and look forward to being part of the DSM team.”

The acquisition is another step in DSM’s strategy to build an alternative protein business and will provide synergy with DSM’s innovative CanolaPRO™ protein isolate, which will be commercially launched next year.

Vestkorn Milling’s proteins, starches and dietary fibers are highly complementary to the broad DSM offering of companies developing plant-based foods and beverages, which include vitamins, algal fats and minerals to improve nutritional value; solidification of hydrocolloids; flavors and yeast extracts as well as enzymes to improve protein taste and functionality.

Moreover, this combination will help the DSM meet its food system commitments to reach 150 million people with delicious, nutritious and sustainable plant-based protein foods by 2030.

Under usual terms, the transaction is expected to close in the fourth quarter of 2021.

DSM
Royal DSM is a purpose-driven global company in health, nutrition and the biological sciences, applying science to improve the health of people, animals, and the planet. The purpose of the DSM is to create a brighter life for all. DSM products and solutions address some of the world’s biggest challenges while at the same time creating economic, environmental and societal value for all stakeholders – customers, employees, shareholders and society at large. DSM and its associated companies employ approximately 23,000 people worldwide and generate annual net sales of approximately €10 billion. The company was founded in 1902 and is listed in Euronext Amsterdam. More information can be found at www.dsm.com.

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forward-looking statements
This press release may contain forward-looking statements regarding the performance and future (financial) position of DSM Corporation. These statements are based on DSM’s current projections, estimates and projections, and information currently available to the Company. The DSM warns readers that such statements carry certain risks and uncertainties that are difficult to predict, and therefore it should be understood that many factors can cause actual performance and situation to differ materially from such statements. DSM is under no obligation to update the statements in this press release, unless required by law. The English version of the press release is the leading.

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