Rolf-Dieter Schwalb, CFO of DSM: “At the moment, commercial paper is a great financing instrument.”

DSM, a Dutch life sciences and material sciences company that posted annual revenues of €9 billion in 2012, has been pursuing a very active mergers and acquisitions strategy in recent years. Since 2010, DSM has spent over €2.8 billion on acquisitions to radically transform the company: shifting away from the cyclical chemicals business, towards a more stable nutrition business. “After some major divestments prior to 2010, we actually had negative net debt on our balance sheet, so financing the acquisitions really wasn’t a problem,” says Rolf-Dieter Schwalb on CFO Insight TV.

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