Walder Wyss advises IFF on divestment of Microbial Control business

International Flavors & Fragrances (IFF) has successfully completed the divestiture of 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.

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. Microbial Control joined IFF through the combination with DuPont Nutrition & Biosciences earlier this year.

IFF is an industry leader in food, beverage, health, biosciences and scent, science and creativity meet to create essential solutions for a better world.

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.

Walder Wyss has advised IFF in connection with the Swiss legal aspects of the transaction. The team was led by Dominik Hohler (partner, corporate/m&a, pictured) and further included Michael Kündig (senior associate, corporate/m&a), Janine Corti (counsel, tax), Jan Ole Luuk (counsel, tax), Markus Vischer (partner, corporate/m&a), Dario Galli (senior associate, corporate/m&a).