NY-IFF
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210823005668/en/
Link:
About Business Wire
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
Castles Technology Partners With Loomis Pay to Power European Expansion With Next-Generation Android Devices27.1.2026 08:00:00 CET | Press release
Cutting-edge Android payment and Point-of-Sales (POS) technology set to transform the European payments and POS landscape Castles Technology, a global leader in Android payment acceptance devices, has been selected by Loomis Pay, the POS and digital payment division of Loomis, to support its European expansion. Through this collaboration, Loomis Pay will strengthen its capacity to deliver flexible and secure POS and payment solutions tailored to merchant preferences. As well as empowering merchants and their customers to transact the way they prefer, cash, card and digital. Following an extensive market review, Loomis Pay chose Castles Technology for its leadership in Android-based payment solutions, recognized for versatility, reliability, and innovation across its latest Android devices. Loomis Pay will deploy their POS and payment services on the portable S1F4 Pro, the PINPAD S1P2 and the unattended S1U2M4, as well its CasHUB TMS and Marketplace. Castles Technology and Loomis Pay ha
EIB Provides €20 Million in Financing to SamanTree Medical for Real-Time Microscopy for Surgical Procedures27.1.2026 07:00:00 CET | Press release
EIB-funding will accelerate development of the Histolog® Scanner and reinforce commercialisation efforts across Europe and United States SamanTree Medical, a European leader in surgical imaging innovation, has secured €20 million in financing from the European Investment Bank (EIB). The operation is backed by InvestEU, the EU’s flagship program to mobilize over €372 billion in additional investment from 2021 to 2027. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260126080876/en/ The European Investment Bank (EIB) provides €20 million in financing to SamanTree Medical, a leader in surgical imaging innovation. The financing supports the development of an advanced confocal microscopy scanner for rapid imaging of the internal microstructure of tissue samples during surgical procedures, R&D and continued development and advancement of the company's Histolog® Scanner, the first and only medical imaging device featuring massively
Ohana Development and Manchester City F.C. Sign Agreement to Launch Multi-Billion-Dirham Project in Abu Dhabi27.1.2026 07:00:00 CET | Press release
The 1.67 million square metre development is the world’s first Manchester City branded residential destination Ohana Development, a leading UAE real estate developer renowned for its luxury properties, has signed an agreement with Manchester City F.C. to launch ‘Manchester City Yas Residences by Ohana’, a first-of-its-kind branded residential community, set along Abu Dhabi’s Yas Canal waterfront. The partnership reflects a shared commitment to excellence, innovation and long-term value creation, reinforcing Abu Dhabi’s position as a global destination for world-class developments. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260126122700/en/ Standing: HE Khaldoon Al Mubarak, Chairman of Manchester City Football Club. Left to right: Husein Salem, CEO of Ohana Development and Ferran Soriano, CEO of City Football Group. (Photo: AETOSWire). Spanning 1.67 million square metres, ‘Manchester City Yas Residences by Ohana’ draws on
Cirium Ascend Consultancy Named Appraiser of the Year at the Aviation 100 Awards for a Record 11th Time27.1.2026 07:00:00 CET | Press release
The fourth consecutive win recognizes Cirium’s position as the industry’s foremost provider of accurate, transparent aircraft valuations to the aviation finance and leasing sector. Cirium Ascend Consultancy has been named Appraiser of the Year 2026 in the Airline Economics Aviation 100 Global Leaders Awards, the team’s 11th title in 15 years. The Consultancy is a highly respected division of Cirium, the world’s most trusted source of aviation analytics. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260126679094/en/ AOTY Win The Appraiser of the Year award recognizes the aircraft appraisal provider that has demonstrated the greatest contribution to the industry over the past year. The fourth consecutive win reflects the trust placed in the Ascend Consultancy team and their work by their industry peers. The Aviation 100 Global Leaders Awards celebrate the best companies, individuals and transactions in the aviation finance an
Access Advance Extends HEVC Advance Rate Increase Deadline27.1.2026 02:00:00 CET | Press release
Provides New Licensees the Opportunity to Join at Current Royalty Rates Access Advance LLC today announced that the Licensors of HEVC Advance have approved an extension of the deadline for new Licensees to secure current royalty rates and caps through 2030. Companies that become Licensees of the HEVC Advance program on or before June 30, 2026 will secure current royalty rates for both ongoing royalties and calculation of royalties for past sales. This is a temporary postponement of the 25% increase in rates and caps applicable to Licensees who sign up after the previous December 31, 2025 deadline. The extension also applies to the Multi-Codec Bridging Agreement ("MCBA"), which provides a single discounted royalty rate structure for Licensees in both the HEVC Advance Patent Pool and the VVC Advance Patent Pool. Licensees who execute the MCBA by June 30, 2026 will benefit from royalty caps that match the royalty caps for the VVC Advance program. The extension follows Access Advance's rec
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom