IFF Hazlet NJ
DuPont announced this morning it would merge its nutrition & biosciences . unit with International Flavors & Fragrances (IFF), creating a $45 billion (market value) giant.
IFF has many roots in South & Central New Jersey. Its based in New York.
IFF Chief Executive Officer Andreas Fibig will run the combined company and will also continue as chairman of the board. DuPont Executive Chairman, Ed Breen, will join the board of the combined company as a DuPont appointee and will serve as Lead Independent Director starting June 1, 2021.
DuPont shareholders will own 55% of the merged company, IFF holders the remaining 45%.
In September, IFF opened its new design headquarters at BellWorks in Holmdel. But its existing building in Hazlet, which looks like its out of the Woody Allen flick Sleeper, will continue to serve as a production facility.