DuPont de Nemours announced on Sunday an agreement to combine its nutrition business with International Flavors & Fragrances (IFF), creating one of the leading suppliers of ingredients to food manufacturers in the United States.
The combined company will have revenues of US$ 11 billion and will provide products such as soy protein, probiotics, enzymes and flavoring ingredients for consumer products. The new company will continue to be called IFF and will be led by IFF CEO Andreas Fibig.
The new company’s board of directors will have seven members of IFF’s current board, DuPont CEO Ed Breen, and five members other chosen by DuPont.
DuPont shareholders will own 55.4% of the combined company, while IFF will own 44.6%. DuPont will still receive a $ 7.3 billion cash payment.
The new company’s board of directors will have seven members of IFF’s current board, DuPont CEO Ed Breen, and five other DuPont members.