FF, DuPont N&B deal creates natural ingredients leader with $11 billion in annual sales

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In New York, IFF and DuPont’s Nutrition & Biosciences business are set to close their mega-merger. First announced in 2019, the Reverse Morris Trust transaction creates a global leader in high-value ingredients and solutions for the Food and Beverage, Home and Personal Care and Health and 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 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. 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%.