International Flavors and Fragrances, which bought Frutarom in 2018, has merged with the nutrition unit of US chemicals giant DuPont.
International Flavors and Fragrances Inc. (NYSE: IFF; TASE: IFF) has merged with the nutrition unit of US chemicals giant DuPont. In the summer of 2018, IFF acquired Israeli food flavoring and fragrances company Frutarom for $6.5 billion and since then has been traded on the Tel Aviv Stock Exchange. DuPont will hold a 55.4% stake in the merged company and IFF will hold 44.6%.
IFF CEO Andreas Fibig will serve as CEO and chairman of the merged company. He said, "Together, we will create a leading ingredients and solutions provider with a broader set of capabilities to meet our customers' evolving needs."
DuPont will have seven members on the merged company's board and IFF will have six members. The merged company will have a valuation of more than $45 billion.
IFF's share price is down 4.73% in afternoon trading on the TASE.
Published by Globes, Israel business news - en.globes.co.il - on December 16, 2019
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Andreas Fibig