Novozymes(NZYM) is split in two business divisions: Enzymes Business and BioBusiness. NZYM is the world’s leading player within industrial enzymes with 47% of the global market, which is estimated to be around DKK 19bn in total. Enzymes comprises the largest part of the revenue (2010: 94%, 2009: 92%) and is split into four sub segments of which one is technical enzymes, where sales of enzymes to the bioethanol industry take place (2010 Rev: 19%, mainly from North America). NZYM invests a large part of their R&D costs in development of bioethanol; massive production will however not take place before 2012/13. The largest competitors in this segment are Danisco and DSM. NZYM puts its focus on cost reductions, innovation and efficiency, seeing growth opportunities in the developing world. NZYM has no plans of major acquisitions after having acquired EMD/Merck Crop BioScience in 2011. With over 6,500 granted or pending patents, NZYM aims to achieve long-term organic sales growth of more than 10% p.a (hist.avg.: 8-9%) and increased dividend pay-out ratio to 35% of net profit (curr.: 30%).