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.
“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 CEO.
“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.
“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. Andreas and the combined management team have planned and prepared for this integration and are committed to delivering for all stakeholders,” 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.
“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.”
The combination of IFF and N&B covers the food & beverage, home & personal care and health & wellness markets, with estimated 2020 pro forma revenue of more than $11bn and EBITDA of approximately $2.5bn, excluding synergies. The complementary portfolios give the company leadership positions within the taste, texture, scent, nutrition, enzymes, cultures, soy proteins and probiotics ingredient categories.
Under the terms of the transaction, which was previously announced on December 15, 2019 and received approval from IFF shareholders on August 27, 2020, the combination was executed through a Reverse Morris Trust transaction. As a result of the completion of the transaction, DuPont received a one-time $7.3bn 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.
New brand identity
Following the deal, IFF launched a new brand identity. As part of the new identity, IFF launched a new tagline, purpose, brand commitments, business divisions, cultural attributes and values.
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.’
IFF said the brand is underpinned by three commitments, adapted to better reflect the new organization: Question Everything; Champion Creators; and Do More Good.
New IFF business divisions
IFF also announced its reorganization into four business divisions.
Its combined taste, food & beverage division will now be called Nourish. Nourish, IFF’s largest division, is composed of IFF’s taste division and N&B’s food & beverage segment.
IFF’s Scent division creates and pioneers fragrances, scent solutions and cosmetic actives across key consumer goods industries such as fine perfumery, personal, fabric and home care.
IFF’s Health & Bioscience (H&B) platform covers a broad range of consumer product, industrial and agricultural sectors.
IFF’s Pharma Solutions division develops ingredients, products and applications that support global production of pharma and dietary supplements.