DuPont to transfer N&B to IFF
The Competition Commission of India (CCI) has approved the acquisition of Dupont’s Nutrition & Biosciences, Inc. (Spinco) by New York-based International Flavors & Fragrances Inc. (IFF) under Section 31(1) of the Competition Act, 2002, on 19 Sept 2020.
The proposed combination relates to the acquisition of sole control by IFF, over the Nutrition & Biosciences business (N&B Business) of DuPont de Nemours, Inc. by means of acquiring sole control over SpinCo, a company newly formed by DuPont and to which it will transfer the N&B Business. DuPont has been in India since 1994.
IFF is active worldwide in the development, creation, and sale of flavours and fragrances that are used in consumer goods industries (such as food and beverage, personal care, or household products industries). IFF’s main business units are ‘Scent’ and ‘Taste’.
SpinCo is a recently incorporated company to which DuPont will transfer its N&B Business. The N&B Business is active worldwide in the development, production, and marketing of food science, taste, and texture applications, and biotechnology products that are used in various industries, including food and beverage, dietary supplements, home and personal care, animal nutrition and pharmaceutical excipients. The N&B Business operates through its ‘Food & Beverage’, ‘Health & Biosciences’, and ‘Pharma Solutions’ units.
The combination of IFF and N&B creates a global leader in high-value ingredients and solutions for global Food & Beverage, Home & Personal Care and Health & Wellness markets, with estimated 2019 pro forma revenue of more than US$11 billion and EBITDA of US$2.6 billion, excluding synergies. The complementary portfolios will give the company leadership positions across key Taste, Texture, Scent, Nutrition, Enzymes, Cultures, Soy Proteins and Probiotics categories. The combined company’s global reach and enhanced set of 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 combination of IFF and N&B is a pivotal moment in our journey to lead our industry as an invaluable innovation and creative partner for our customers. Together, we will create a leading ingredients and solutions provider with a broader set of capabilities to meet our customers’ evolving needs,” said IFF Chairman and CEO, Andreas Fibig.
“With highly complementary portfolios, we will have global scale and leading positions in key growth categories to capitalize on positive market trends, drive strong profitable growth for our shareholders and create opportunities for our employees. I have been impressed by N&B’s management team, which shares our culture and values, and we look forward to welcoming them to the IFF family,” said Fibiq. #banking #acquisition #merger #services /fiinews.com
