Miller Magazine Issue: 134 February 2021

32 NEWS MILLER / february 2021 IFF, an industry leader in food, beverage, health, biosciences and sensorial experiences, completes 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. Shares of the combined company’s common stock will trade on the New York Stock Ex- change under the symbol “IFF.” IFF to complete merger with DuPont’s Nutrition & Biosciences Business “We are thrilled to officially unite IFF and N&B, for- ging a leader in the global consumer goods and com- mercial products value chain that will redefine our in- dustry 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 sha- red commitment to care for our communities. With our combined platform, IFF is an essential part- ner for our customers, uniquely positioning us to address our customers’ evolving needs, unlock long-term value creation and accele- rate our pursuit of new, creative and integ- rated solutions. Through an unprecedented last 12 months, both the IFF and N&B teams have remained incredibly focused on execu- ting our respective business plans and set- ting the foundation to bring this combina- tion 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 ac- complished to complete the transaction on time despite a year of unprecedented challenges. Andreas and the combined management team have planned and prepa- red for this integration and are committed to delivering for all stakeholders,” said Ed Breen, DuPont Executive Chairman and Chief Executive Officer, who joins the IFF Board of Directors and will become Lead Indepen- dent Director effective at the 2021 annual meeting of shareholders. “As a global industry leader of highly va- lued consumer ingredients, the new IFF is well-positi- oned 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 glo- bal 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, exclu- ding synergies. The complementary portfolios give the company leadership positions within the Taste, Texture, Scent, Nutrition, Enzymes, Cul- tures, Soy Proteins and Probiotics ingre- dient categories. The combined company’s global rea- ch and enhanced capabilities will enable the creation of innovative solutions to respond to customer demands and incre- asing consumer preferences for natural, healthier and “better for you” products. With best-in-class R&D capabilities, a diverse portfolio of unique products and solutions and a unified team comprising exceptional talent from both organizations, the new IFF will be a cus- tomer-focused leader with an enhanced ability to deliver long-term value while upholding its commit- ment to safe, sustainable practices and products. TRANSACTION DETAILS Under the terms of the transaction, which was previ- ously announced on December 15, 2019 and received approval from IFF shareholders on August 27, 2020, the combination was executed through a Reverse Mor- ris Trust transaction. As a result of the completion of the transaction, DuPont received a one-time $7.3 bil- lion 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.