Cleary Gottlieb is representing International Flavors & Fragrances (IFF) in the $1.3 billion sale of its Microbial Control business unit to Lanxess AG (Lanxess).
BofA Securities is acting as financial advisor to IFF. The transaction was announced on August 23, 2021, and is expected to close in the second quarter of 2022, subject to customary closing conditions.
IFF’s Microbial Control business unit is a global leader that provides innovative and sustainable hygiene solutions for a wide array of industrial and consumer applications. With a presence across a broad range of industry segments and an annual revenue of more than $400 million, Microbial Control is composed of over 250 colleagues with more than 60 working in manufacturing and operations. The business unit joined IFF through the combination with DuPont Nutrition & Biosciences earlier this year.
Lanxess is a leading specialty chemicals company that develops, manufactures, and markets chemical intermediates, additives, specialty chemicals, and plastics.
For more information, please see the press release here.