Business Briefs

IFF merges with DuPont Nutrition & Biosciences

IFF will merge with DuPont Nutrition & Biosciences. The combined company will continue to operate under the name IFF.

“We are thrilled to officially unite IFF and N&B, forging a leader in the global consumer goods and commercial products value chain that will redefine our industry and create a leading ingredients and solutions provider for our customers across a broad range of end-markets,” said Andreas Fibig, IFF chairman and CEO.

“I’m extremely proud of what our teams have accomplished to complete the transaction on time, despite a year of unprecedented challenges,” said Ed Breen, DuPont executive chairman and CEO. “Andreas and the combined management team have planned and prepared for this integration and are committed to delivering for all stakeholders. As a global industry leader of highly valued consumer ingredients, the new IFF is well-positioned to deliver growth and to unlock long-term value for shareholders, customers and employees. I also want to salute our N&B colleagues for their contributions to DuPont and wish them success in the years ahead.”

Upon completion of the transaction, DuPont received a one-time $7.3 billion cash payment, subject to adjustment. Effective at transaction close, DuPont shareholders own 55.4% of the combined company and IFF’s shareholders own 44.6%. IFF continues its commitment to maintaining an investment grade rating.


ACE elects 2021 officers and executive committee

During its first quarter meeting, the American Coalition for Ethanol board of directors elected its officers and executive committee for 2021.

Re-elected to serve as officers on the 2021 Executive Committee are:

• Dave Sovereign, chairman of the board for Golden Grain Energy, a 120 MMgy ethanol plant in Mason City, Iowa. Sovereign also serves on the Absolute Energy board, a 125 MMgy ethanol producer in St. Ansgar, Iowa. Sovereign accepted the nomination of president of the ACE board.

“I’m looking forward to lending my perspective as an Iowa farmer who’s served on the boards of two Iowa ethanol plants in this leadership position on the ACE board,” Sovereign said. “After serving on the executive committee for a number of years, I’m eager to further the tremendous work this organization and its staff have done to promote and provide ethanol demand opportunities as its president.”

• Troy Knecht, South Dakota farmer, representing Redfield Energy, a 50 MMgy ethanol producer in Redfield, South Dakota. Knecht accepted the nomination of vice president of the ACE board.

• Ron Alverson, serving as treasurer of the ACE board of directors, represents Dakota Ethanol, a 50 MMgy plant in Wentworth, South Dakota.

• Chris Wilson, general manager of Mid-Missouri Energy, a 50 MMgy plant in Malta Bend, Missouri, serving as the secretary of the ACE board.

Newly elected to serve on the 2021 executive committee are:

• Chris Studer, chief member and public relations officer for East River Electric Power Cooperative.
“East River is proud of our history as a founding member of ACE and a partner in biofuels production as the wholesale electric supplier to over a dozen ethanol plants in the region,” Studer said. “I am looking forward to working alongside my colleagues on the executive committee to ensure biofuels and the electric cooperative system have a seat at the table as we work to strengthen rural America.”

• John Christianson, director of Christianson PLLP, an accounting and business consulting firm for Ag and Renewable Energy, who also served on the Minnesota Biofuels Council’s executive committee.

“I’m excited to join the ACE executive committee to support ACE’s role to develop new clean fuel policies in the Midwest and at the federal level, which will reduce greenhouse gas emissions, increase ethanol demand, and reward ag producers for being stewards of our environment,” Christianson said.
For a full list of the ACE Board, visit ACE’s website at https://ethanol.org/meet-ace/board.