NEW YORK AND WILMINGTON, DEL. — Taste, Food & Beverage will make up one of four divisions in a previously announced merger between New York-based International Flavors & Fragrances and DuPont Nutrition & Biosciences. The other divisions are Scent, Health & Biosciences and Pharma Solutions.
The divisions were unveiled May 11. DuPont Nutrition & Biosciences currently is part of Wilmington-based DuPont. Both IFF and DuPont still expect the transaction to close in the first quarter of 2021.
The Taste, Food & Beverage division will represent about $6.1 billion in pro forma 2019 net sales, making it the largest of the four divisions. IFF has flavor compounds and natural taste systems such as savory systems and inclusions. DuPont Nutrition & Bioscience’s food and beverage portfolio includes plant-based specialty food ingredients like proteins, emulsifiers and sweeteners.
The Taste, Food and Beverage division will have two presidents: Matthias Haeni, who currently leads IFF’s Flavors division, and Amy Byrick, who currently is platform leader, food and beverage for DuPont Nutrition & Biosciences.
The Health & Biosciences division will represent about $2.3 billion in pro forma 2019 net sales. The division will contain DuPont Nutrition & Biosciences’ health and bioscience business although food protection will become part of the Taste, Food & Beverage division. IFF’s Health Ingredients business and Natural Products Solutions business will become part of the Health & Biosciences division. The division will include probiotics, infant nutrition, human milk oligosaccharides (HMOs), fibers, cultures and food enzymes as well as animal nutrition, home and personal care, biorefineries, and microbial control.
Simon Herriott, currently platform leader, health and biosciences for DuPont Nutrition & Biosciences, will be president of the Health & Biosciences division.
The Scent division will represent $2 billion in pro forma 2019 net sales. The Pharma Solutions division will represent about $800 million in pro forma 2019 net sales.
“Our joint integration management office has remained closely focused on developing the plans and structures to bring our combination with N&B to life,” said Andreas Fibig, chairman and chief executive officer of IFF, who will hold the same positions in the combined company. “We are thrilled to announce the progress that we have made to identify a leadership team comprising the best of both organizations and an operating philosophy that builds on our combined deep histories of creativity, innovation and caring for our communities. This is a truly transformative moment for us and one that will present tremendous opportunities for all our stakeholders, including our employees, customers and shareholders.”
Ed Breen, who is currently executive chairman and CEO for DuPont, will become a board member for the combined company.
“The future executive team for the combined company is comprised of highly qualified leaders with deep knowledge and expertise in their respective areas,” he said. “Together, this balanced team is well-equipped to position the new company for growth and unlock the long-term value of the IFF and N&B combination.”