International Flavors and & Fragrances (IFF) is set to complete the previously announced merger of IFF and DuPont’s Nutrition & Biosciences (N&B) business, pursuant to a Reverse Morris Trust transaction, as of Feb. 1, 2021.
Previously: IFF Previews Combined DuPont N&B Company
The combined company will continue to operate under the name IFF. Shares of the combined company’s common stock will trade on the New York Stock Exchange under the symbol “IFF.”
The combination of IFF and N&B will focus on ingredients and solutions for the food and beverage, home and personal care, and health and wellness markets.
The combined company has an estimated 2020 pro forma revenue of more than $11 billion and EBITDA of approximately $2.5 billion, excluding synergies. The complementary portfolios give the company leadership positions within the taste, texture, scent, nutrition, enzymes, cultures, soy proteins and probiotics ingredient categories.
Previously: IFF Receives Antitrust Clearances for Combination with DuPont N&B
“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. “Our organizations have deep histories of creativity, innovation excellence and a shared commitment to care for our communities.”
“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,” Fibig continued. “Through an unprecedented last 12 months, both the IFF and N&B teams have remained incredibly focused on executing our respective business plans and setting the foundation to bring this combination to life. I welcome our new N&B colleagues to the IFF family, and I look forward to working with Ed as we continue our integration efforts and focus on driving long-term, sustainable growth.”
“I’m extremely proud of what our teams have accomplished to complete the transaction on time despite a year of unprecedented challenges,” said Ed Breen, DuPont executive chairman and chief executive officer, who joins the IFF board of directors and will become lead independent director effective at the 2021 annual meeting of shareholders. “Andreas and the combined management team have planned and prepared for this integration and are committed to delivering for all stakeholders. As a global industry leader of highly valued consumer ingredients, the new IFF is well-positioned to deliver growth and to unlock long-term value for shareholders, customers and employees. I also want to salute our N&B colleagues for their contributions to DuPont and wish them success in the years ahead.”
