18.05.2012 • NewsDSMchemicalsfood industry

DSM Buys Canadian Dietary Supplements Firm

Dutch food and chemicals group DSM said on Friday it was buying Ocean Nutrition Canada, which makes ingredients for dietary supplements, in an all-cash deal for about €420 million ($534 million), including debt.

The Dutch group said Ocean Nutrition Canada's position as a leader in fish-oil derived Omega-3 fatty acids would complement DSM's vitamins and food supplements business.

DSM has sold off much of its bulk chemicals business in recent years to invest in the non-cyclical food sector to protect itself from economic downturns, buying U.S. baby foods ingredients maker Martek for $1.1 billion in February 2011.

"After our successful acquisition of Martek in 2011, the acquisition of Ocean Nutrition Canada is the logical next step in developing our nutritional lipids into a major growth platform for our nutrition cluster," DSM's chief executive, Feike Sijbesma, said in a statement.

Halifax, Nova Scotia-based Ocean Nutrition Canada is the world's biggest supplier of fish-oil derived Omega-3 fatty acids to the dietary supplement and food and beverage sectors.

It has production sites in Canada, the United States and Peru, and expects 2012 sales of about C$190 million with earnings before interest, tax, depreciation and amortisation (EBITDA) of C$55-60 million, DSM said.

The acquisition marks the third substantial deal so far this year for DSM, which has a large war chest and has been on the prowl for takeovers.

It moved into the biofuels market earlier this year announcing a 50-50 joint venture with private U.S. ethanol maker POET, one of the biggest ethanol producers in the world.

Earlier this month, DSM announced it was buying U.S. medical device-maker Kensey Nash for $360 million to strengthen its biomedical business.

 

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