THE WHAT? International Flavors & Fragrances and DuPont have shared the guiding purpose and vision, operating model and Executive Committee for the intended combined company following their, previously announced, planned merger.
THE DETAILS The companies expect the transaction to close in the first quarter of 2021. As to the guiding purpose and vision, the combined company will be unified by a shared goal: Applying science and creativity for a better world, and central strategy: Be the partner for essential solutions.
Its operating model will see the new entity split into four divisions: Taste, Food & Beverage; Scent; Health & Biosciences; and Pharma Solutions.
The Executive Committee will include IFF Chairman and CEO Andreas Fibig as Chairman and CEO, Rustom Jilla as Executive Vice President, CFO, IFF’s Matthias Haeni and DuPont’s Amy Byrick as President Taste, Food & Beverage, Nicolas Mirzayantz as President, Scent, Simon Herriott as President Health & Biosciences and Angela Strzelecki as President, Pharma Solutions. Greg Yep will take on the role of EVP Global Integrated Solutions Officer, Greg Soutendijk has been named SVP Commerical Excellence, Angela Naef is appointed EVP Chief Research & Development Officer.
THE WHY? Commented Fibig, “Together with N&B, new IFF will be an extraordinary business with an extraordinary team around the world, so we need a purpose and a vision that can guide us to even greater heights. Each time that IFF has set a new aspiration, we have worked together to exceed our expectations and work side-by-side with our customers to change our industry. We will drive greater R&D discoveries, expand our customers’ opportunities by creating the industry’s first truly integrated solutions and change our communities, and our world, for the better.”