Koninklijke DSM N.V. (Royal DSM, commonly known as DSM), is a Dutch multinational corporation active in the fields of health, nutrition and materials. Headquartered in Heerlen, at the end of 2017 DSM employed 21,054 people in approximately 50 countries and posted net sales of €8.632 billion in 2018 and €9.204 billion in 2021. History DSM was formed by the Dutch state in 1902 to mine coal reserves in southern Limburg and although the company had diversified into commodity chemicals and petrochemicals by 1973 when the last mine closed, DSM retains a link to its origins by continuing to use the initials, originally an abbreviation for Dutch State Mines, to this day. During World War II researchers worked on penicillin. The code name Bacinol was used to keep the research secret from the Germans. The research was done at the company Nederlandsche Gist- en Spiritusfabriek, Dutch Yeast and Spirits Factory, later becoming DSM Sinochem Pharmaceuticals, in Delft. In 1989 the government floated 70% of its shares in the company on the Amsterdam Stock Exchange (now Euronext Amsterdam) with the remaining 30% floated in 1996, thereby completing DSM's privatization. The 21st century has seen DSM follow successive five-year strategic periods of portfolio transformation and internationalization involving acquisitions, divestments and partnerships. In 2001 48% of DSM's workforce was based in the Netherlands; in 2017 this was 18%. Acquisitions 1998: Gist-brocades (food ingredients, pharmaceuticals, yeast- and enzyme-based production process technology). 2000: Catalytica Pharmaceuticals (pharmaceutical intermediates). 2003: Roche's vitamin division. 2005: NeoResins (water-based coating resins). 2011: Martek (nutritional products derived from microalgae and fermentation technology). 2011: Vitatene (natural carotenoids derived from fermentation of Blakeslea trispora fungus). 2012: Verenium's food enzymes and oilseed processing business. 2012: Kensey Nash (biomedical regenerative medicine). 2012: Ocean Nutrition Canada (fish-oil derived nutritional products). 2012: Cargill’s cultures and enzymes business. 2012: Fortitech (customized nutrient premixes). 2013: Unitech (micronutrient premixes and macronutrient blends). 2013: Andre Pectin (food hydrocolloids). 2013: Tortuga (nutritional supplements for pasture raised cattle). 2015: Åland (vitamin C). 2015: Cubic Tech (high-performance, ultra-lightweight, flexible laminates and fabrics). 2020: Erber Group - Biomin and Romer Labs (mycotoxin and allergen tests in food). 2020: Glycom (human milk oligosaccharides, infant formula supplement). 2021: Amyris Flavor & Fragrance business. Divestments 2002: Petrochemicals (hydrocarbons, polyethylenes, polypropylenes, polyolefins). 2001: Quinine and Cinchona Alcaloids to Buchler GmbH. 2010: Ammonia, fertilizer and melamine. 2010: Thermoplastic elastomers. 2010: EP(D)M rubber. 2010: Toluene oxidation. 2017: Patheon, a pharmaceutical contract development