IFF to conclude merger with DuPont’s Nutrition and Biosciences business

US-based International Flavors & Fragrances (IFF) has announced that it will conclude the merger with DuPont’s Nutrition & Biosciences (N&B) business.

A Reverse Morris Trust transaction executed the combination.

With the completion of the transaction, DuPont received a one-time cash payment of $7.3bn.

DuPont shareholders now own a 55.4% stake in the combined company, while IFF’s shareholders own 44.6%.

The merger will see the creation of a global ingredients and solutions company that will serve consumer-oriented food and beverage, as well as health and wellness end markets.

IFF chairman and CEO Andreas Fibig said: “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.

“Our organisations 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.

“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.”

Upon completion of the merger, the combined company will operate under the brand name IFF.

DuPont executive chairman and CEO Ed Breen said: “I’m extremely proud of what 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.”