The IFF-DuPont merger, still subject to regulatory approvals but scheduled to close in the first quarter of 2021, will bring science and creativity to the fore across four separate divisions: taste, food & beverage, scent, health & biosciences, and pharma solutions, according to company executives.
The IFF-DuPont joint integration management office released details of the planned operating model, along with confirmation of the incoming leadership team set to run the merged business.
Scent and health & biosciences for beauty
Whilst ‘taste, food & beverage’ would represent IFF-DuPont’s largest division, ‘scent’ would be the most important for the beauty world.
Made up of fine fragrance, consumer fragrance and cosmetic actives, the division would represent approximately €1.8m ($2m) in pro forma 2019 net sales for the combined company and would be led by Nicolas Mirzayantz, current head of IFF fragrances.
Some ingredients for personal care would also be dealt with under the ‘health & biosciences’ division – set to represent around €2.1m ($2.3m) pro forma 2019 net sales and specialise in sustainable, clean label and high-performance compounds, including probiotics. This division would be run by Simon Herriott, current platform leader for health and biosciences at DuPont N&B.
‘Highly qualified’ leaders and a ‘balanced team’
The update detailed that each division head would report into Andreas Fibig – current chairman and CEO of IFF who will take on these roles in the merged company. Rustom Jilla, current executive vice president and CFO of IFF would also maintain these roles once the merger completed.
Ed Breen, executive chairman and CEO of DuPont and incoming board member of the combined company, said: “The future executive team for the combined company is comprise of highly qualified leaders with deep knowledge and expertise in their respective areas. Together, this balanced team is well-equipped to position the new company for growth and unlock the long-term value of the IFF and N&B combination.”
The four divisions would operate under a centrally led business model incorporating finance, operations, research & development, human resources, IT, investor relations & communications and legal, the update said. There would also be a centre of excellence to “focus on incubating new business opportunities” across all products.
“It is clear that IFF and N&B bring together best-in-class talent, industry-leading capabilities and unmatched insight to anticipate what will be essential to tomorrow’s consumers,” Fibig, the incoming chairman and CEO, said.
‘Consumer giant’ of beauty ingredients
According to Euromonitor International, the merged company was set to create a monopoly in fragrances that would shake-up global supplies for beauty and personal care – a ‘consumer giant’ of beauty ingredients, in other words.