The deal, which was first announced on December 15, 2019, sees the creation of a new customer-focused IFF with estimated 2020 pro forma revenue of more than $11 billion and EBITDA of approximately $2.5 billion, excluding synergies.
The company says the merger is the beginning of a 'new era' with newly revealed tagline, purpose, brand commitments, cultural attributes and values to match.
“We are thrilled to officially unite IFF and N&B, forging a leader in the global consumer goods and commercial products value chain that will redefine our industry and create a leading ingredients and solutions provider for our customers across a broad range of end-markets,” said Andreas Fibig, IFF Chairman and Chief Executive Officer.
“Today we start a transformative journey together to become a center of innovation for our customers."
A new identity for a new era
The prompted the company to establish a new set of core values and cultural principles as the foundation of its growth strategy.
With a new tagline 'Where science and creativity meet', IFF promises to push past traditional industry boundaries and be a force for a better and more sustainable future, with a brand purpose to convey this: 'Applying science and creativity for a better world'.
The brand will be underpinned by three commitments, adapted to better reflect the new organisation.
- Question Everything: We’re here to shake things up and forge a new path. We’re working at the cutting edge of artistry and science and encourage new discoveries at every opportunity.
- Champion Creators: We believe our differences make us great. We power companies of every shape, size and style with the ingredients, solutions and passion to convert ideas into impact.
- Do More Good: Claiming perfection doesn’t help. We’re on a journey to do better for people and planet. Every day we bring the talent, influence and responsibility to constantly challenge the status quo.
Mr. Fibig continued: "Our leadership team believes passionately in the importance and benefit of being a purpose-driven enterprise. We will lead not simply by relying on an unmatched portfolio and flawless execution, but by quickly unlocking new innovations as we tap into our shared passion for pairing science and creativity to deliver for our customers. We are creating an agile, empowered and innovative business that provides exceptional service and delivers on our commitment to be an essential partner for our customers.
“Critical to our success is our ability to foster an execution culture and embed values that support our promises to our people, customers, consumers and our communities. To that end, we have updated our cultural principles to ensure we have the foundation in place to empower our people to deliver on our commitments.”
Introducing IFF’s Divisions
The company's largest division combines the Taste and Food & Beverage divisions and will now be called 'Nourish' - to feed with purpose.
A new 'Scent' division creates and pioneers unique fragrances, scent solutions and cosmetic actives across key consumer goods industries such as fine perfumery, personal, fabric and home care.
IFF’s 'Health & Bioscience' (H&B) division is an innovation partner for customers across a broad range of consumer product, industrial and agricultural sectors to enhance products and processes to deliver safer, healthier and more sustainable solutions.
The firm's 'Pharma Solutions' division develops the ingredients, products and applications that support global production of pharma and dietary supplements.