DuPont’s Nutrition & Biosciences Business to Merge with IFFDuPont’s Nutrition & Biosciences Business to Merge with IFF

December 16, 2019

4 Min Read
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International Flavors & Fragrances (IFF) recently signed a definitive agreement to merge with DuPont’s Nutrition & Biosciences (N&B) business, setting the stage for a $45.4 billion deal that will create one of the world’s foremost ingredients firms, according to a joint press release issued December 15.

“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,” IFF’s chairman and chief executive officer, Andreas Fibig, said in a statement. “With highly complementary portfolios, we will have global scale and leading positions in key growth categories to capitalize on positive market trends, drive strong profitable growth for our shareholders and create opportunities for our employees.”

When the Reverse Morris Trust transaction is concluded, DuPont’s shareholders will own 55.4% of the company’s shares and IFF shareholders will own the remaining 44.6%. The merged businesses will serve the global food and beverage, home and personal care, and health and wellness markets with a portfolio that includes products across the taste, texture, scent, nutrition, enzymes, cultures, soy proteins, and probiotics categories.

“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 organization and remain involved in unlocking the potential of this new company,” DuPont Executive Chairman Ed Breen said in the release. “We conducted a very thorough process leading us to the selection of IFF as the preferred strategic partner for N&B.”

13 directors, including seven who are currently directors at IFF and six director appointees from DuPont, will serve on the company’s board of directors until an annual meeting in 2022, when membership will be whittled down to six members from each company. In addition to joining the new firm’s board, DuPont’s Breen will also take on the role of Lead Independent Director on June 1, 2021. 

The transaction is subject to regulatory approvals, approval by IFF shareholders, and customary closing conditions. DuPont and IFF expect the deal to close by the end of the first quarter in 2021. 

Earlier this year, Powder & Bulk Solids reported that Royal DSM was considering a move on DuPont's Nutrition & Biosciences business along with several other prominent companies. 

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