Copenhagen, Denmark – Danish food ingredient maker Danisco A/S is being acquired by Wilmington, Del.-based DuPont Co. for $6.3 billion. Dupont has agreed to pay $5.8 billion in cash and assume $500 million of debt.
According to a statement on DuPont’s website, the acquisition “establishes DuPont as a leader in industrial biotechnology with science-intensive innovations that address global challenges in food production and reduced fossil fuel consumption.”
Danisco manufactures enzymes and specialty ingredients for the biofuel and food industries, including the production of enablers, cultures and sweeteners. Chemical giant DuPont operates in more than 90 countries worldwide in industries such as agriculture, energy, manufacturing and plastics. The two companies were already joint venture partners in developing cellulosic ethanol technology.
“Danisco has attractive, market-driven science businesses that offer clear synergies with DuPont Nutrition & Health and Applied BioSciences,” says DuPont chair and CEO Ellen Kullman. “This transaction is a perfect strategic fit with our growth opportunities and will help us solve global challenges presented by dramatic population growth in the decades to come, specifically related to food and energy.”
The acquisition is scheduled to close early in the second quarter of 2011.