DSM acquires US food group for €495m Dutch chemicals group DSM will acquire US food ingredients company Fortitech in a deal valuing the US company at €495m, strengthening the Dutch company's growing nutrition division. The deal helps DSM build on its highly profitable nutrition business at a time when its divisions in polymer intermediates and performance materials are showing weaker performance. IN Chemicals Fortitech, based in Schenectady, New York, makes ingredients and supplements for the food and beverage and infant nutrition industries. The company projects its 2013 sales at $270m, with earnings before interest, taxes, depreciation and amortisation (ebitda) of $70m. DSM said it expected to implement cost synergies after acquiring the company leading to savings of 10 per cent of its sales by 2015. Feike Sijbesma, DSM's chief executive, noted that the acquisition will be his company's ninth in the nutrition sector since it announced its current strategy in 2010. It follows the acquisitions earlier this year of fish oil manufacturer Ocean Nutrition Canada and of Cargill's cultures and enzymes division. Walter Borisenor, Fortitech's chief executive, pointed to the merged companies" "combined global capabilities" and said his company would benefit from access to DSM's research database. DSM, originally founded as the Dutch state coal miner in 1902, has transformed itself into a chemical and nutrition business and is today the world's largest producer of vitamins. Analysts have pushed for DSM to move even more strongly towards nutrition as its earnings in other businesses have stagnated recently. This week, DSM released quarterly results showing earnings fell 23 per cent year on year, largely due to tough pressure on price margins.