IFF creates ‘new company for new era’
The $45.4 billion merger of International Flavours & Fragrances with Dupont’s Nutrition & Biosciences business will create a “new company for a new era,” according to IFF chairman and CEO, Andreas Fibig.
Wall Street quoted IFF, which has significant operations in Haverhill, says that financial prospects and market opportunities for the combined business look impressive.
Fibig said integration planning confirms a run-rate cost synergy expectation of $300 million and run-rate revenue synergy opportunity of more than $400m by the end of 2023.
The transaction is officially expected to close on February 1 but IFF is already plotting a strategy that will see it lead the evolution of the global value chain for consumer goods and commercial products with unmatched scale, R & D capabilities and portfolio strength.
Fibig says: “The company will be a true innovation partner with customers able to deliver from concept to delivery adding value from single ingredients to integrated solutions to first-to-market breakthroughs.
“IFF will be a new company for a new era. We have seen acceleration and evolution of consumer trends through the pandemic with long-term impacts. Customers across end markets expect more from their value chain partners and the new IFF is well-positioned to deliver.
“As we start our journey together, we see multiple paths to create value by capturing the innovation potential of our two organisations, accelerating growth, delivering meaningful cost synergies and optimising our portfolio. Flawless execution will define our success and is now at the centre of all that we do.”
As previously reported, IFF will benefit from an enhanced executive committee that features a strong balance of leaders from both organisations.
The new leadership team will be composed of 10 current IFF executives, including two leaders that have joined the organisation within the last 12 months, as well as four executives from DuPont N&B.