dsm-firmenich AG (DSFIY,DSFIR.AS), a nutrition, health, and beauty company, Monday announced its agreement to divest Animal Nutrition & Health or ANH business to private markets manager CVC Capital Partners (CVCCF) for an enterprise value of about 2.2 billion euros. dsm-firmenich will retain a 20% equity stake in the divested ANH Companies, in partnership with CVC.
In the early morning trading in Amsterdam, DSM-Firmenich shares were losing 3.9 percent, at 67.78 euros.
The deal price includes an earnout of up to 0.5 billion euros. The firm intends to launch a new share repurchase program to buy back ordinary shares with an aggregate market value of 0.5 billion euros and reduce its issued capital. The program is planned to commence in the first quarter.
The company noted that the divestment follows the sale of the Feed Enzymes activities to Novonesis for 1.5 billion euros in 2025, in line with its plans to become a fully focused consumer company active in nutrition, health, and beauty.
The total enterprise value of ANH, including the prior sale of the Feed Enzymes activities, represents 3.7 billion euros.
dsm-firmenich expects to receive around 1.2 billion euros after closing.
Further, dsm-firmenich has adopted a 'stable to preferably rising' dividend policy, under which it aims to maintain a stable dividend of 2.50 euros per ordinary share and progressively increase dividends over time.
ANH, a provider of science-based animal nutrition and health solutions with around 8,000 employees, generated annualized net sales of approximately 3.5 billion euros in 2025. The divestment includes all ANH activities such as Performance Solutions, Premix, Precision Services, as well as Vitamins, Carotenoids and Aroma Ingredients.
Meanwhile, Bovaer and Veramaris remain part of dsm-firmenich.
ANH will be split into two new standalone companies, both based in Kaiseraugst, Switzerland. The Solutions Company will comprise Performance Solutions, Premix, and Precision Services, and the Essential Products Company will comprise Vitamins, Carotenoids and Aroma Ingredients. They will be jointly referred to as the ANH Companies.
dsm-firmenich will retain a 20% equity stake in both the Essential Products Company and the Solutions Company.
dsm-firmenich plans to enter into a long-term vitamins supply agreement with the Essential Products Company to ensure continuity and supply security in human and pet food applications.
The transaction is expected to be completed at the end of 2026 and is subject to conditions including regulatory approvals, and the creation and separation of a standalone Essential Products Company and standalone Solutions Company by dsm-firmenich.
The divestment of ANH will result in a non-cash impairment of around 1.9 billion euros in 2025 before taxes.
dsm-firmenich expects to incur cash tax, transaction and separation costs of 0.2 billion euros in 2026.
dsm-firmenich will announce its 2025 full-year results on February 12.
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