DSM has been in existence exactly 100 years. It was started as a state-owned coal mining company to face the threat of commercially operated mining companies. After World War II it changed rapidly into a bulk chemical industry with fertilisers, hydrocarbons and polyolefins as major outlets. At the end of the former millenium, DSM once again changed appearance by changing into a fully commercial enterprise. To become less dependent of the classical economic cycles the company developed a strategy to move into the markets of high performance materials, fine chemicals, and intermediates for the pharmaceutical and food industries.