IFF Announces Sale of Microbial Control Business
23 Agosto 2021 - 5:32PM
Business Wire
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210823005668/en/
Michael DeVeau Chief Investor Relations & Communications
Officer 212.708.7164 Michael.DeVeau@iff.com
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