- dsm-firmenich divests Animal Nutrition & Health for €2.2 billion, retaining a 20% stake.
- The transaction includes a €0.5 billion earnout and is expected to complete by end of 2026.
- ANH will split into two companies: Solutions Company and Essential Products Company.
- dsm-firmenich plans a €0.5 billion share repurchase and maintains a stable dividend policy.
Transaction Overview
dsm-firmenich has agreed to sell its Animal Nutrition & Health (ANH) business to CVC Capital Partners for an enterprise value of €2.2 billion, including an earnout of up to €0.5 billion. dsm-firmenich will retain a 20% equity stake in the divested ANH Companies.
Strategic Context
This divestment follows the sale of Feed Enzymes to Novonesis for €1.5 billion in 2025, marking dsm-firmenich's final step to focus on nutrition, health, and beauty. The total enterprise value of ANH, including the previous sale, is €3.7 billion.
Financial Plans
dsm-firmenich plans to launch a €0.5 billion share repurchase program in Q1 2026 and aims to maintain a stable dividend of €2.50 per share, with a policy to progressively increase dividends over time.
ANH Business Details
ANH, a global provider of animal nutrition and health solutions, generated net sales of approximately €3.5 billion in 2025. The divestment includes all ANH activities, except Bovaer® and Veramaris™, which remain with dsm-firmenich.
Company Structure
ANH will be divided into two standalone companies: the Solutions Company and the Essential Products Company, both based in Kaiseraugst, Switzerland. dsm-firmenich will enter a long-term vitamins supply agreement with the Essential Products Company.
Financial Implications
The transaction is expected to close by the end of 2026, subject to regulatory approvals and other conditions. dsm-firmenich anticipates a non-cash impairment of around €1.9 billion in 2025 and expects to incur €0.2 billion in cash tax, transaction, and separation costs in 2026.
