Dec. 16 (UPI) — U.S. conglomerate DuPont said it’s merging its nutrition and biosciences business with International Flavors & Fragrances to create a new $45 billion consumer goods company.
DuPont said shareholders will hold a majority stake in the new company, which will have combined yearly revenues of more than $11 billion. International Flavors & Fragrances has 33,000 customers and manufacturing and research outlets around the world.
“DuPont and IFF share long and successful histories of customer-driven innovation and cultures of excellence, which is why I am confident that [Nutrition and Biosciences] will be well-positioned for its next phase of growth,” Ed Breen, executive chairman of DuPont, said in a statement Sunday.
DuPont, which focuses on specialty goods in its nutrition unit, was once part of DowDuPont before it spun off into three separate companies.
IFF, which makes flavors and fragrances for food, personal care and household products, bought Israeli company Frutarom Industries last year for $7.1 billion.
IFF was competing with Ireland-based Kerry Group to combine with DuPont’s nutrition division.