Novozymes, Chr. Hansen to merge in largest-ever Danish deal

Upon completion of the deal – subject to regulatory approval and expected in late 2023 or early 2024 – Chr. Hansen will be dissolved.

Close Up Of Business People Shaking Hands, Finishing Up Meeting,
Natee Meepian | Bigstock.com

Upon completion of the transaction, Chr. Hansen will be dissolved

Novozymes and Chr. Hansen have entered into a merger agreement, creating a biosolutions company with a diverse portfolio across several markets in the largest-ever merger between two Danish companies. Upon completion of the deal – subject to regulatory approval and expected in late 2023 or early 2024 – Chr. Hansen will be dissolved.

“The combination of two strategically complementary companies with a shared purpose and advanced capabilities will show the world the true power of biosolutions,” said Ester Baiget, president and CEO of Novozymes. “Today’s announcement is fully aligned with Novozymes’ strategy and is another step towards unlocking additional growth opportunities. Novozymes and Chr. Hansen share the strong conviction that our combined scale, know-how, commercial strengths, and innovation excellence will drive value for our shareholders, customers, and society at large by providing the sustainable solutions the world so urgently needs.”

The combined companies would have an annual revenue of approximately EUR3.5 billion (US$3.7 billion).

“I’m proud to share that Novozymes and Chr. Hansen are proposing to join forces to create a Danish-based global biosolutions partner based on our strong complementary technology platforms, highly dedicated employees and customer-centric approaches,” said Mauricio Graber, president and CEO of Chr. Hansen. “Building on shared purpose-driven values and cultures, as well as an unquestionable business rationale, the proposed combination of these two iconic Danish companies represents a natural next step towards addressing the needs of tomorrow.”

Upon completion of the merger, Baiget would assume leadership of the combined group as CEO. The chief financial officer (CFO) would be Lars Green, the current CFO of Novozymes. Both roles would be part of the future executive leadership team. Chr. Hansen will nominate the chair of the board of directors; Chr. Hansen and Novozymes will each nominate two other board members. Novo Holdings, the largest shareholder, will also nominate two board members.

The customer-centric global reach of the combined companies will form a network of 38 research and development and application centers and 23 manufacturing sites, to provide customers with a partner with global scale and local presence. The broad biological toolbox, strong patent positions, enhanced operations, innovation and commercial excellence and expanded customer base would also allow the combined group to enjoy strong long-term organic revenue growth. Together, Novozymes and Chr. Hansen will comprise a global talent pool of 10,000 employees around the world.

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