DSM has agreed to acquire Norwegian company Vestkorn Milling for an enterprise value of €65 million, as it looks to accelerate its growth in the plant-based protein market.
Based in Tau, Norway, Vestkorn Milling is a producer of pea- and bean-derived protein, and supplies proteins, starches and dietary fibres for plant-based foods. The acquisition is a further step in DSM’s strategy to build an alternative protein portfolio.
According to DSM, Vestkorn Milling’s portfolio complements its own broad offering to companies developing plant-based food and beverages, which includes vitamins, algal lipids and minerals to improve nutritional value; and texturizing hydrocolloid, flavours, yeast extracts and enzymes to improve protein taste and functionality.
Patrick Niels, EVP of DSM’s food and beverage division, said: “Food and beverage producers around the world are looking to partners who can offer an integrated portfolio of ingredients, expertise and solutions to help them differentiate and get to market fast”.
He continued: “This is especially important in the highly dynamic meat alternatives space, where consumer and societal expectations around authentic taste, texture and nutritional profile, as well as climate impact, are becoming more and more sophisticated”.
Aslak Lie, Vestkorn Milling’s CEO, added: “Through the cooperation with DSM we have taken a huge step towards becoming a global leader of pulse-based ingredients. Over the past years, we have significantly expanded our business and market. With DSM, we have got a long-term-oriented owner that will fuel further growth and expansion.”
The transaction, which is subject to customary conditions, is expected to close this year.
DSM recently announced it had agreed to acquire dairy-based flavouring firm First Choice Ingredients for $453 million.
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