US – IFF has completed the previously announced merger of IFF and DuPont’s Nutrition & Biosciences (“N&B”) business, creating a new global ingredients and solutions leader.
As a result of the completion of the transaction, DuPont has received a one-time US$7.3 billion cash payment, subject to adjustment.
Additionally, effective at transaction close, DuPont shareholders own 55.4% of the combined company and IFF’s shareholders own 44.6%.
“We are thrilled to officially unite IFF and N&B, forging a leader in the global consumer goods and commercial products value chain that will redefine our industry and create a leading ingredients and solutions provider for our customers across a broad range of end-markets,” said Andreas Fibig, IFF Chairman and Chief Executive Officer.
“With our combined platform, IFF is an essential partner for our customers, uniquely positioning us to address our customers’ evolving needs, unlock long-term value creation and accelerate our pursuit of new, creative and integrated solutions.”
Merger creates a new global ingredients leader
The combination of IFF and N&B creates a global leader in high-value ingredients and solutions for the Food & Beverage, Home & Personal Care and Health & Wellness markets.
According to a statement from IFF, the company had an estimated 2020 pro forma revenue of more than US$11 billion and EBITDA of approximately US$2.5 billion, excluding synergies.
Additionally, the complementary portfolios of IFF and N&B give the company leadership positions within the Taste, Texture, Scent, Nutrition, Enzymes, Cultures, Soy Proteins and Probiotics ingredient categories.
IFF becomes the new trading symbol
Following the merger, the combined company will continue to operate under the name IFF with shares of the merged company trading on the New York Stock Exchange under the symbol “IFF.”
“I’m extremely proud of that our teams have accomplished to complete the transaction on time despite a year of unprecedented challenges. Andreas and the combined management team have planned and prepared for this integration and are committed to delivering for all stakeholders,” said Ed Breen, former DuPont Executive Chairman and Chief Executive Officer.
ED Breen will join the IFF Board of Directors and will become Lead Independent Director effective at the 2021 annual meeting of shareholders.
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