NEW YORK — Shares of IFF rose by nearly 16% on Feb. 1, the day it was reported the merger of International Flavors & Fragrances with DuPont Nutrition & Biosciences, a business unit of DuPont, will be completed, pursuant to a Reverse Morris Trust transaction. The stock price on the New York Stock Exchange closed at $130.15 per share on Monday, Feb. 1, which compared with a close of $112.38 per share on Friday, Jan. 29.
The combined company, called IFF, will offer ingredients and systems for the food and beverage, home and personal care, and health and wellness markets. Estimated pro forma revenue in 2020 was more than $11 billion.
The transaction first was announced on Dec. 15, 2019. IFF shareholders approved it on Aug. 27, 2020. DuPont shareholders own 55.4% of the company while IFF shareholders own 44.6%.
“We are thrilled to officially unite IFF and N&B, forging a leader in the global consumer goods and commercial products value chain that will redefine our industry and create a leading ingredients and solutions provider for our customers across a broad range of end markets,” said Andreas Fibig, chairman and chief executive officer of New York-based IFF.
Ed Breen, executive chairman and CEO of DuPont, Wilmington, Del., will join the IFF board of directors.
“I’m extremely proud of what our teams have accomplished to complete the transaction on time despite a year of unprecedented challenges,” he said. “Andreas and the combined management team have planned and prepared for this integration and are committed to delivering for all stakeholders.”
IFF on Feb. 1 also launched a new brand identity and tagline: “Where science and creativity meet.”
“Today we start a transformative journey together to become a center of innovation for our customers,” Mr. Fibig said. “Our leadership team believes passionately in the importance and benefit of being a purpose-driven enterprise. We will lead not simply by relying on an unmatched portfolio and flawless execution, but by quickly unlocking new innovations as we tap into our shared passion for pairing science and creativity to deliver for our customers.”