Royal DSM, a global science-based company in nutrition, health and sustainable living, completed a 75/25 joint venture with Nenter, which will include all Nenter’s production and related assets for Vitamin E. In order to fulfill its future need for Vitamin E, DSM acquired a 75% shareholding in the joint venture, for a cash consideration of about €135m ($154m), representing an EV/EBITDA multiple of roughly 6x based on the estimated 2019 EBITDA generated by Nenter’s Vitamin E business. The joint venture will strengthen DSM’s global supply chain footprint, enabling the company to offer locally produced Vitamin E in China and Asia Pacific, next to its facilities in Switzerland. This will support DSM’s strategic actions to reduce its working capital requirements by simplifying its supply chain.