30 Events after the balance sheet date
In February 2020, DSM launched a program in DSM Nutritional Products to increase its agility to drive above-market profitable growth. By simplifying the operating model and further improving business steering, the program aims to better serve customers and respond to the differentiated needs of their respective end-markets. At the same time, it creates a more efficient organization. The new operating model will be enabled by a revised organizational structure. The structure is designed to support the more focused business priorities, and to operate with more streamlined central business steering. The new set-up will lead to around 350 redundancies (~3% of total DSM Nutritional Products' workforce and ~1.5% of total DSM's workforce), mainly in central and at managerial levels, affecting mostly DSM Nutritional Products' global HQ in Switzerland and its organization in North America.
DSM announced on 21 February 2020 that it has reached agreement to acquire 100% of the shares of Glycom A/S, the world's leading supplier of Human Milk Oligosaccharides (HMO) for an enterprise value of €765 million. This transaction represents an EV/EBITDA multiple of 20.6 based on the 2019 reported EBITDA, and roughly 15 based on the estimated 2021 EBITDA. The company achieved around €74 million of sales in 2019 and has around 150 employees. The transaction is expected to close in Q2 2020.