Charles Sternberg, Assistant Editor02.01.21
IFF has completed the previously announced merger of IFF and DuPont’s Nutrition & Biosciences (N&B) business. The combined company will continue to operate under the name IFF.
“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 added.
“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 CEO, who joins the IFF Board of Directors and will become lead independent director effective at the 2021 annual meeting of shareholders. “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.”
A New Global Industry 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, with 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.
The combined company’s global reach and enhanced 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.
The new IFF will be a customer-focused leader with an enhanced ability to deliver long-term value while upholding its commitment to safe, sustainable practices and products.
Transaction Details
As a result of the completion of the transaction, DuPont received a one-time $7.3 billion cash payment, subject to adjustment. Effective at transaction close, DuPont shareholders own 55.4% of the combined company and IFF’s shareholders own 44.6%. IFF continues its commitment to maintaining an investment grade rating.
IFF Rebrand
In addition to the merger, IFF has launched a new brand identity designed to propel the company’s transformation and reinforce its leadership role in the global value chain for consumer goods and commercial products.
Upon the completion of its combination with DuPont’s Nutrition & Biosciences (N&B) business, IFF will begin a new era guided by “an authentic customer-centric approach and commitment to execution, deep R&D and innovation capabilities, a storied legacy of artistry and a passion to be an essential partner for its customers around the world.”
As part of the new brand identity, IFF has launched a new tagline, purpose, brand commitments, and cultural attributes and values. The company believes that these brand components will support the success of the four divisions that now comprise the new IFF.
IFF’s new brand identity and tagline is, “Where science and creativity meet.” The company’s purpose is “Applying science and creativity for a better world.”
Core to the company’s strategy for success, a central vision: “Be the partner for essential solutions,” reflects its vital leadership role in the global value chain for consumer goods and commercial products, and deep commitment to be guided by a customer-centric approach in everything we do.
“Today we start a transformative journey together to become a center of innovation for our customers,” said Fibig. “Our leadership team believes passionately in the importance and benefit of being a purpose-driven enterprise. We will lead not simply by relying on an unmatched portfolio and flawless execution, but by quickly unlocking new innovations as we tap into our shared passion for pairing science and creativity to deliver for our customers. We are creating an agile, empowered and innovative business that provides exceptional service and delivers on our commitment to be an essential partner for our customers.”
Mr. Fibig continued, “Critical to our success is our ability to foster an execution culture and embed values that support our promises to our people, customers, consumers and our communities. To that end, we have updated our cultural principles to ensure we have the foundation in place to empower our people to deliver on our commitments.”
“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 added.
“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 CEO, who joins the IFF Board of Directors and will become lead independent director effective at the 2021 annual meeting of shareholders. “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.”
A New Global Industry 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, with 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.
The combined company’s global reach and enhanced 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.
The new IFF will be a customer-focused leader with an enhanced ability to deliver long-term value while upholding its commitment to safe, sustainable practices and products.
Transaction Details
As a result of the completion of the transaction, DuPont received a one-time $7.3 billion cash payment, subject to adjustment. Effective at transaction close, DuPont shareholders own 55.4% of the combined company and IFF’s shareholders own 44.6%. IFF continues its commitment to maintaining an investment grade rating.
IFF Rebrand
In addition to the merger, IFF has launched a new brand identity designed to propel the company’s transformation and reinforce its leadership role in the global value chain for consumer goods and commercial products.
Upon the completion of its combination with DuPont’s Nutrition & Biosciences (N&B) business, IFF will begin a new era guided by “an authentic customer-centric approach and commitment to execution, deep R&D and innovation capabilities, a storied legacy of artistry and a passion to be an essential partner for its customers around the world.”
As part of the new brand identity, IFF has launched a new tagline, purpose, brand commitments, and cultural attributes and values. The company believes that these brand components will support the success of the four divisions that now comprise the new IFF.
IFF’s new brand identity and tagline is, “Where science and creativity meet.” The company’s purpose is “Applying science and creativity for a better world.”
Core to the company’s strategy for success, a central vision: “Be the partner for essential solutions,” reflects its vital leadership role in the global value chain for consumer goods and commercial products, and deep commitment to be guided by a customer-centric approach in everything we do.
“Today we start a transformative journey together to become a center of innovation for our customers,” said Fibig. “Our leadership team believes passionately in the importance and benefit of being a purpose-driven enterprise. We will lead not simply by relying on an unmatched portfolio and flawless execution, but by quickly unlocking new innovations as we tap into our shared passion for pairing science and creativity to deliver for our customers. We are creating an agile, empowered and innovative business that provides exceptional service and delivers on our commitment to be an essential partner for our customers.”
Mr. Fibig continued, “Critical to our success is our ability to foster an execution culture and embed values that support our promises to our people, customers, consumers and our communities. To that end, we have updated our cultural principles to ensure we have the foundation in place to empower our people to deliver on our commitments.”
