IFF Merges With Dupont’s Nutrition And Bioscience Unit
Thursday, December 19th, 2019 | 1004 Views
International Flavour & Fragrances (IFF) Incorporated will be merging with Dupont Incorporated’s $26.2 billion Nutrition and Bioscience (N&B) unit. The deal creates a new giant with an enterprise value of $45.4 billion, in high-value ingredients and solutions for the global food & beverage, home & personal care and health & wellness industries. The combined company’s global reach and enhanced set of capabilities will enable the creation of innovative solutions to respond to customer demands and increasing consumer preferences for natural, healthier, and “better for you” products.
Under the terms of the agreement, which has been unanimously approved by both Boards of Directors, DuPont shareholders will own 55.4 percent of the shares of the new company and existing IFF shareholders will own 44.6 percent.
“The combination of IFF and N&B is a pivotal moment in our journey to lead our industry as an invaluable innovation and creative partner for our customers. Together, we will create a leading ingredients and solutions provider with a broader set of capabilities to meet our customers’ evolving needs,” said IFF Chairman and CEO, Andreas Fibig.
“With highly complementary portfolios, we will have global scale and leading positions in key growth categories to capitalise on positive market trends, drive strong profitable growth for our shareholders and create opportunities for our employees. I have been impressed by N&B’s management team, which shares our culture and values, and we look forward to welcoming them to the IFF family,” he continued.
“DuPont and IFF share long and successful histories of customer-driven innovation and cultures of excellence, which is why I am confident that N&B will be well-positioned for its next phase of growth. I am pleased to join the Board of the combined organisation and remain involved in unlocking the potential of this new company,” said Ed Breen, Executive Chairman of DuPont.