NY-IFF
24.8.2021 00:34:08 CEST | Business Wire | Press release
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
Galderma Shareholders Approve All Annual General Meeting Proposals22.4.2026 17:45:00 CEST | Press release
Galderma Group AG (SIX:GALD), the pure-play dermatology category leader, announced that shareholders approved all proposals put forward by the Board of Directors at its Annual General Meeting (AGM), held earlier today via live webcast. This includes the payment of a gross dividend of 0.35 CHF per dividend-bearing share1, to be distributed out of reserves from capital contributions. Shareholders approved the election of Harry Kirsch as independent member of the Board of Directors, as well as the election of Samuel du Retail and Delphine Viguier-Hovasse, representatives of L’Oréal, as non-independent members of the Board. In addition, Thomas Ebeling (Chair), Daniel Browne, Maria Teresa Hilado, Karen Lee Ling, Roberto Marques, Sherilyn McCoy and Dr. Flemming Ørnskov were re-elected to the Board. The AGM also approved the company’s 2025 Annual Financial Statements, Non-Financial Report and Compensation Report. Detailed voting results and the official minutes will be published on Galderma's
Altrove and Bloomineral Named Winners of the 2026 Grand Prix ACF AutoTech22.4.2026 15:21:00 CEST | Press release
IoT.Bzh receives the inaugural Industrialization Prize at the 9th edition of the international automotive startup competition Altrove and Bloomineral have been crowned winners of the 2026 Grand Prix ACF AutoTech, the international startup competition recognizing the best of automotive innovation. The ninth edition was held on Wednesday, April 15 at the Automobile Club de France in Paris, where IoT.Bzh also received the first-ever Industrialization Prize. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260422236542/en/ Picture of the end of the event with the winners : Bloomineral, Altrove and Iot.Bzh + all the Jury Members from French Automotive OEM and Tier1 Hosted by competition founder Richard de Cabrol and Simon Degiovanni, the evening gathered more than 250 leaders from the automotive, technology, digital, business and media sectors, with attendees joining both on-site and online. Six finalist startups, selected from mor
I/ONX Shatters the Host Tax: New Symphony SixtyFour Architecture Delivers 50% TCO Savings Across AI Inference and Fine-Tuning Lifecycle22.4.2026 15:00:00 CEST | Press release
Eliminating infrastructure overhead of legacy designs, I/ONX debuts a scaled AI inference and fine-tuning stack that cuts power by up to 30kW per rack and reduces cost of rack-scale deployments by up to 70% I/ONX High Performance Compute (HPC), a leading provider of heterogeneous AI systems, today announced the global launch of the Symphony SixtyFour, a high-density platform designed to collapse the physical and economic footprint of AI inference and fine-tuning infrastructure. By supporting up to 64 accelerators on a single node, I/ONX eliminates the redundant Host Tax—the massive overhead in power, hardware, and licensing that negatively impacts ROI in enterprise AI. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260422485327/en/ I/ONX Introduces Symphony SixtyFour: The Host Tax is Over. Save 30-50% on your AI Infrastructure Costs. While inference now accounts for 90% of enterprise AI workloads, enterprises are entirely li
Thales Introduces Imperva for Google Cloud, Bringing Its Enterprise-Grade Application Security Capabilities Directly into Google Cloud22.4.2026 15:00:00 CEST | Press release
New offering eliminates the need to choose between cloud-native performance and advanced security as enterprises scale modern applications Thales today announced the Controlled Availability of Imperva for Google Cloud, bringing the industry's most trusted application security platform directly into Google Cloud. Designed to operate within Google Cloud, the new offering enables organizations to protect web applications and APIs by leveraging Google Cloud’s Service Extension traffic, preserving existing pipelines, integrations, and monitoring workflows. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260422746638/en/ ©Thales As enterprises accelerate cloud adoption, development teams increasingly standardize on native cloud services to improve speed and reduce operational complexity. Many security solutions, however, require external routing that introduces latency and friction. At the same time, native cloud security tools oft
ClickHouse Expands Strategic Collaboration with Google Cloud, Bringing Deeper Integration, Cloud Flexibility, and Next-Generation Performance22.4.2026 15:00:00 CEST | Press release
ClickHouse, a leader in real-time analytics, data warehousing, observability, and AI/ML, today at Google Next 26 announced a significant expansion of its strategic collaboration with Google Cloud. The announcement encompasses four major milestones: native integration with Google Cloud Lakehouse, the availability of ClickHouse's Bring Your Own Cloud (BYOC), the migration of ClickHouse Cloud on Google Cloud to Google's custom Arm-based Axion processors, and a new integration between the ClickHouse MCP server and Google Antigravity. These advancements deliver deeper interoperability across the data ecosystem, extend deployment flexibility for security-conscious enterprises, and unlock meaningful gains in query performance and cost efficiency for joint customers worldwide. This expansion builds on ClickHouse's growing presence within the Google Cloud ecosystem, where thousands of data-intensive organizations rely on ClickHouse Cloud to power real-time observability, business intelligence,
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