November 8/Heerlen, Netherlands/Press Release -- Royal DSM NV said it agreed to buy Fortitech of the U.S. in a $634 million cash deal to expand its bespoke food-ingredient business.
The purchase, expected to close this year, will add to earnings in the first full year, the Heerlen, Netherlands-based company said in a statement. DSM is paying a multiple of about 9.06 times earnings before interest, taxes, depreciation and amortization, based on expected 2013 profit of $70 million.