dsm-firmenich is excited to confirm the successful merger of DSM and Firmenich and the resulting launch of a new company that brings together one of the largest innovation and creation communities in nutrition, health, and beauty. With a nearly 30,000 strong team and unparalleled capabilities built on more than a century of cutting-edge science, dsm-firmenich will be a trailblazer in the reinvention, manufacturing, and combination of vital nutrients, flavors, and fragrances.
Combining the essential, desirable, and sustainable
By creatively applying proven science and drawing on data-driven innovation capabilities as well as exceptional standards of operational excellence, dsm-firmenich seeks to tackle the tension between what society needs, what people individually want, and what the planet demands in the areas of nutrition, health, and beauty. By working closely together with customers to create what is essential for life as well as desirable for consumers yet simultaneously more sustainable for the planet, dsm-firmenich is poised to bring progress to life for billions of people around the world.
Geraldine Matchett and Dimitri de Vreeze, Co-CEOs of dsm-firmenich, commented: “Today marks a new beginning for us all that is the culmination of more than a century of ground-breaking science from two great companies. dsm-firmenich now stands out as a category of one, uniquely working at the intersection between what people individually want and what we collectively need, without costing the Earth. After all, what is essential has limited impact if it is not desirable, and that impact is not positive if it is not sustainable. And sustainable things that people don’t want or need don’t help much! We are truly global, built on an incredible foundation of proven world-class science with the broadest portfolio of nutrients, flavors, and fragrances. We are delighted to embark on this journey together as a single force for good as innovators in nutrition, health, and beauty.”
Structured for success
dsm-firmenich is organized in four distinct high-performing businesses, rooted in complementary world-class scientific research and manufacturing excellence. Together they are uniquely positioned to help our customers realize their ambitions and address evolving consumer needs and wants.
Perfumery & Beauty creates superior scents with proven benefits – always with the consumer in mind. Creating fragrances that smell amazing and make people feel even better, using the best and largest palette of natural, synthetic, and biotech ingredients.
Taste, Texture & Health helps customers create food and beverage products that are delicious, nutritious, affordable, and sustainable. Providing enjoyment and nourishment for consumers, business success for customers, and better health for people and planet.
Health, Nutrition & Care provides people a way to look after their health by adding critical nutrients to diet. Driving medical innovation forward, speeding up recovery, and enhancing quality of life.
Animal Nutrition & Health delivers healthy animal proteins efficiently and sustainably, harnessing power of data to make animal farming practices more sustainable, productive, and transparent.
Delivering for all stakeholders
dsm-firmenich is a purpose-led company where people and planet as well as financial success are at the core of its strategy. As a company formed of two growth companies that are also global sustainability leaders, dsm-firmenich is determined to keep growing its positive impact and keep raising the bar in helping to tackle climate change, protect nature, and care for people all along the value chain. Working together with customers and partners, the company strives to tackle the challenges of today and tomorrow while making a positive difference for the planet, and enhancing the lives of millions.
A new name and identity
To mark the launch of the new company, dsm-firmenich has revealed a new brand that captures the spirit of bringing two iconic organizations together in a merger of equals. The brand reflects the company’s purpose and values, and is the expression of a shared identity. The brand symbolizes the company’s mission to combine what is essential for life, desirable for consumers, and more sustainable for the planet. The purpose of dsm-firmenich is to bring progress to life, together with customers and partners, to achieve positive change and make a difference in the world.
Geraldine Matchett and Dimitri de Vreeze, Co-CEOs of dsm-firmenich, added: “We honor the legacy of DSM and Firmenich by taking the best of both companies in creating a fresh, new identity. It’s lively. It’s vibrant. It’s led by our purpose. Just like dsm-firmenich. This is the beginning of an exciting new time for our employees, our customers, and our partners as we go above and beyond in shaping a positive future for all and as we bring progress to life.”
Following the successful completion of the merger, Geraldine Matchett has decided this is the right time to further her career elsewhere and will move on, as of September 1, in full alignment and with the thanks of the Board of Directors. Dimitri de Vreeze will be the dsm-firmenich CEO.
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Firmenich International SA ("Firmenich") is announcing the completion of its merger with DSM to establish DSM-Firmenich AG, the leading innovation partner in nutrition, health, and beauty. This announcement is being made following receipt of all customary conditions, completion of the merger transaction’s share exchange offer and the contribution of Firmenich shares into DSM-Firmenich AG.
As a result of the completion of the merger transaction, the Firmenich directors have resigned from the Board of Firmenich. Jane Sinclair, Geraldine Matchett and Dimitiri de Vreeze have been appointed to the Board of Firmenich.
Disclosure
The information was submitted for publication, through the contact persons set out below, at 02:55 CEST on 9 May 2023. Further information, is available on DSM-Firmenich | DSM-Firmenich.com.
Firmenich International SA ("Firmenich") is announcing its third quarter results for the three months ended 31 March 2023. This announcement is being issued in connection with the planned merger with DSM.
Third Quarter Financial Year 2023 Performance
In the three months ended 31 March 2023, Firmenich generated Revenue of CHF 1,234 million, an increase of 5.4% at constant currency1, driven by a strong contribution of pricing, partially offset by foreign exchange headwinds. This reflects an increase of +2.1% versus the same quarter of the prior year on a reported basis.
Firmenich generated an Adjusted EBITDA2 of CHF 242 million in the three months ended 31 March 2023, an increase of 14.4% at constant currency1. This reflects an increase of +2.2% versus the same quarter of the prior year on a reported basis.
Adjusted EBITDA margin for the three months ended 31 March 2023 was 19.6% of Revenue, despite a negative impact of approximately 170 basis points from foreign exchange headwinds in comparison to the same quarter of the prior year, showing a 160 basis points margin expansion over the 18.0% margin generated in the first half of financial year 2023.
Firmenich has continued to experience solid end-market demand over the third quarter of FY 2023 and has continued to implement price actions across its segments to recoup the impact of raw material costs and other inflationary pressures.
Year To Date Financial Year 2023 Performance
In the nine months ended 31 March 2023, Firmenich generated Revenue of CHF 3,674 million, an increase of 9.3% at constant currency1. This reflects an increase of +6.5% versus the same period of the prior year on a reported basis.
Firmenich generated an Adjusted EBITDA2 of CHF 682 million in the nine months ended 31 March 2023, an increase of 9.7% at constant currency1. This reflects a decrease of 2.2% versus the same period of the prior year on a reported basis.
Adjusted EBITDA margin for the nine months ended 31 March 2023 was 18.6% of Revenue, despite a negative impact of approximately 170 basis points from foreign exchange headwinds in comparison to the same period of the prior year.
Disclaimer
This document and the related results contain forward-looking statements related to Firmenich and its future business and financial performance and future events or developments, including statements regarding: trends; exchange rates; plans, strategies and objectives of management; anticipated production; capital costs and scheduling; operating costs and supply chain issues; provisions and contingent liabilities; tax and regulatory developments. Forward-looking statements can be identified by the use of terminology such as ‘intend’, ‘aim’, ‘project’, ‘anticipate’, ‘estimate’, ‘plan’, ‘believe’, ‘expect’, ‘may’, ‘should’, ‘will’, ‘continue’, ‘annualised’ or similar words. These statements discuss future expectations concerning the results of operations or financial condition, or provide other forward-looking statements. These forward-looking statements are not guarantees, or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond Firmenich’s control, and which may cause actual results to differ materially from those expressed in the statements contained in this presentation. Readers are cautioned not to put undue reliance on forward-looking statements. Other than in accordance with its legal or regulatory obligations, Firmenich does not undertake to update or revise any forward-looking statement to reflect any changes in events, conditions or circumstances on which any such statement is based.
Non-IFRS measures have not been subject to audit or review and should not be considered as an indication of, or alternative to, an IFRS measure of profitability, financial performance or liquidity. For further information on non-IFRS measures, see the report on alternative performance measures included in Firmenich's annual report for the year ended 30 June 2022.
Disclosure
The information was submitted for publication, through the contact persons set out below, at 7:00 CEST on 2 May 2023. Further information, is available on https://www.dsm-firmenich.com
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