Business Wire

IFF Announces Sale of Microbial Control Business

Share

IFF (NYSE: IFF) today announced it has entered into an agreement to sell its Microbial Control business unit to LANXESS, a leading specialty chemicals company that develops, manufactures and markets chemical intermediates, additives, specialty chemicals and plastics. The transaction is valued at $1.3 billion and the cash proceeds net of taxes and expenses will be primarily used to reduce outstanding debt.

“Today’s announcement is part of a strategic portfolio review and is guided by our commitment to enhance long-term shareholder value,” said IFF Chairman and CEO, Andreas Fibig. “This transaction is driven by the best-owner mindset and allows us to focus on our core businesses as we strengthen our balance sheet and maximize shareholder return. The divestiture also enhances IFF’s financial profile, providing growth acceleration and higher margins.”

Mr. Fibig continues, “We appreciate the contributions of our Microbial Control colleagues, who have built a strong business based on innovation, passion and commitment. We will work closely with LANXESS to have a successful transition and look forward to Microbial Control’s future under LANXESS’ ownership, a strong match for their combined growth.”

IFF’s Microbial Control business unit is a global leader that provides innovative and sustainable solutions. With a presence across a broad range of industry segments and an estimated 2021 annual revenue of approximately $440 million and an EBITDA of approximately $85 million, Microbial Control is composed of approximately 270 colleagues with two production facilities in the United States. The business unit specializes in offering preservation and hygiene solutions for a wide array of industrial and consumer applications, including paints & coatings, building materials, animal biosecurity, personal care, and home care. It is also active in the treatment and preservation of industrial water used in production, cooling towers and pulp & paper. Microbial Control joined IFF through the combination with DuPont Nutrition & Biosciences earlier this year.

IFF and LANXESS are working closely to ensure a seamless transition and expect to close in the second quarter of 2022, subject to customary closing conditions, including satisfaction of applicable consultations requirements, and regulatory clearances.

BofA Securities acted as financial advisor to IFF and Cleary Gottlieb Steen & Hamilton LLP provided legal support.

Cautionary Statement under the Private Securities Litigation Reform Act of 1995

This press release contains “forward-looking statement” within the meaning of the federal securities laws, including Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the proposed transaction and the expected timetable for completing the proposed transaction. The forward-looking statements included in this release are made only as of the date hereof, and we undertake no obligation to update the forward-looking statement to reflect subsequent events or circumstances.

Welcome to IFF

At IFF (NYSE: IFF), an industry leader in food, beverage, scent, health and biosciences, science and creativity meet to create essential solutions for a better world – from global icons to unexpected innovations and experiences. With the beauty of art and the precision of science, we are an international collective of thinkers who partners with customers to bring scents, tastes, experiences, ingredients and solutions for products the world craves. Together, we will do more good for people and planet. Learn more at iff.com, Twitter, Facebook, Instagram, and LinkedIn.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Michael DeVeau
Chief Investor Relations & Communications Officer
212.708.7164
Michael.DeVeau@iff.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

BeiGene Receives Positive CHMP Opinion for BRUKINSA ® (Zanubrutinib) for the Treatment of Adults with Waldenström’s Macroglobulinemia17.9.2021 14:00:00 CEST | Press release

BeiGene (NASDAQ: BGNE; HKEX: 06160) today announced the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has adopted a positive opinion, recommending approval of BRUKINSA (zanubrutinib) for the treatment of adult patients with Waldenström’s macroglobulinemia (WM) who have received at least one prior therapy or first-line treatment for patients unsuitable for chemo-immunotherapy. “Bruton’s tyrosine kinase (BTK) inhibitors have emerged as a promising treatment for WM, yet treatment discontinuation due to lack of response or side effects remains a concern,” said Prof. Christian Buske, Medical Director at the University Hospital Ulm, Germany, and a trial investigator of the ASPEN study. “The ASPEN trial demonstrated that BRUKINSA provided deep and durable responses and offered substantial improvements in safety and tolerability over standard therapy. Patients in Europe with WM may soon have a new treatment option that can offer improved outcomes.

Janssen Receives Positive CHMP Opinion for BYANNLI ® (6-monthly Paliperidone Palmitate) for the Maintenance Treatment of Schizophrenia in Adults17.9.2021 12:50:00 CEST | Press release

The Janssen Pharmaceutical Companies of Johnson & Johnson announced today that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has issued a Positive Opinion recommending the long-acting atypical antipsychotic therapy BYANNLI® (6-monthly paliperidone palmitate; PP6M) for the maintenance treatment of schizophrenia in adult patients who are clinically stable on 1-monthly paliperidone palmitate (PP1M)2 or 3-monthly paliperidone palmitate (PP3M).3 If approved by the European Commission, PP6M will provide the first twice-yearly treatment for adults living with schizophrenia and longest available dosing interval for an antipsychotic medication in the European Economic Area.1,4 “With only two injections per year, 6-monthly paliperidone palmitate has the potential to reduce the burden of taking medication frequently, giving eligible patients the opportunity to focus on other aspects of their life,” said Ludovic de Beaucoudrey, Ph.D., EMEA Therape

Henkel, Dow, Bayer, AB InBev, Zebra Technologies and Others to Chart Future of Supply Chain Visibility in Europe at FourKites Visibility 202117.9.2021 12:30:00 CEST | Press release

FourKites®, the world’s leading real-time supply chain visibility platform, today announced that its European customer conference, Visibility 2021, will be held virtually on 7 October. The theme of this year’s conference, “Go Beyond,” presents a bold vision for supply chains of the future, centered around automation, innovation and collaboration. Supply chain leaders from across Europe have the opportunity to network, share best practices and insights, and collaborate on FourKites’ product roadmap during the world’s largest virtual supply chain summit. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210917005213/en/ FourKites®, the world’s leading real-time supply chain visibility platform, today announced that its European customer conference, Visibility 2021, will be held virtually on 7 October. “FourKites' Visibility conference is exactly what the industry needs right now,” says Roy van der Heijden, Business Analyst at Int

Panasonic Completes Acquisition of Blue Yonder17.9.2021 09:00:00 CEST | Press release

Panasonic Corporation announced today that it has completed the acquisition of Blue Yonder, the leading end-to-end, digital fulfillment platform provider. Panasonic has now purchased the remaining 80% of shares of Blue Yonder, adding to the 20% which Panasonic acquired in July 2020. The investment values Blue Yonder at USD8.5 billion. Since Panasonic’s announcement to acquire all shares on April 23, 2021, the acquisition has completed antitrust clearance procedures and received approval of regulatory authorities in the U.S. and other countries. The acquisition accelerates Panasonic’s and Blue Yonder’s shared vision for an Autonomous Supply Chain™. By unifying Panasonic’s sensing technologies and edge devices with Blue Yonder’s AI/ML-powered planning, execution and commerce solutions, companies can create smarter and more connected e-commerce strategies, retail stores, warehouses, transportation, and workplaces. This unique end-to-end offering provides customers with unlimited visibilit

IFF Appoints Glenn Richter as Executive Vice President and Chief Financial Officer16.9.2021 22:15:00 CEST | Press release

IFF (NYSE: IFF) today announced that Glenn Richter, an accomplished financial executive with nearly three decades of experience overseeing finance and corporate strategy for multinational companies, has been appointed Executive Vice President and Chief Financial Officer, effective September 27, 2021. Mr. Richter was most recently Chief Financial Officer of TIAA, a leading global provider of financial services with $1.3 trillion in assets under management. He succeeds Rustom Jilla, who will be leaving the Company following a period of transition. With this appointment, Mr. Richter becomes a member of IFF’s Executive Committee and will be based in the Company’s New York City headquarters. “We are delighted to welcome Glenn to our leadership team. His experience leading large, global finance departments, implementing multi-year strategic productivity initiatives and managing transformative integrations will be a tremendous asset to our team,” said Andreas Fibig, Chairman and Chief Executi

The NAGA Group AG: Christian Angermayer's Apeiron Investment Group and Fosun Join Forces to Further Drive NAGA Growth16.9.2021 22:00:00 CEST | Press release

NAGA Group AG (XETRA: N4G, ISIN: DE000A161NR7), provider of the social network for trading, cryptocurrencies and payments NAGA.com, announces its largest equity financing round to date and welcomes Apeiron Investment Group Ltd, the private investment company of entrepreneur and investor Christian Angermayer, and Igor Lychagov, founder of Exness (one of the world's largest brokerage firms with a monthly trading volume of USD 1 trillion) as new strategic and long-term investors. Hauck & Aufhäuser acted as sole bookrunner in the transaction. In addition to participating in the capital increase, Apeiron has entered into a share purchase agreement with its Elevat3 strategy, operating in partnership with Peter Thiel's Founders Fund, to purchase a block of shares from FOSUN Group and is in negotiations to acquire additional shares from other shareholders. These transactions are subject to regulatory approvals. In total and upon full completion, Apeiron is targeting a stake of approximately 22

Landmark Celebrates 30 Years as the Industry Leader in Personal & Professional Growth, Training and Development16.9.2021 20:00:00 CEST | Press release

Landmark (Landmark Worldwide), established in 1991, celebrates its 30th anniversary with more than three million people across the globe having been positively and powerfully contributed to and empowered by its programs. Marking a related anniversary, it was 50 years ago that the ideas that grew into Landmark were born with the delivery of the first est Training in 1971. As the leader in the personal and professional growth, training and development industry, Landmark’s programs and ideas have empowered people for five decades to dramatically elevate the quality of their lives and, in addition, to impact the areas of their lives that matter most to them. Marketdata Enterprises, Inc., publishers of the definitive report on the personal development industry in the United States, stated in their 2021 report: “Landmark was named one of the top training and development companies in the world by HR.com/James McNeil.” “Landmark is recognized for having one of the best faculty bodies in the bu