Home

News 1104 views last update:6 Aug 2012

Danisco's top management to resign

Chief executive Tom Knudsen and CFO Søren Bjerre-Nielsen of enzyme manufacturer and food ingredients company Danisco are to leave the Danish firm next week.

The departures follow Danisco's sale to US chemicals company DuPont. The two executives will step down on 17 June.
 
There was much resistance to the takeover from Danisco shareholders, which resulted in DuPont increasing its initial January offer from $6.3bn to $6.49bn This finally secured the support of Danisco shareholders for its acquisition of the business last month.
 
The probiotics, enzymes and natural ingredients specialist is expected to be delisted from the Cophenhagen stock exchange this month, but DuPont has not indicated whether the Danisco name will remain.
 
Sources say the resignations were prompted by DuPont's intention to install its own management team at its new acquisition.
 
Analysts also suggest that DuPont may choose not to replace them and instead to split up Danisco's business areas between its relevant US units and divisions.
 
Danisco is a global market leader in the manufacturing of food ingredients, enzymes and bio-based solutions. Its ingredients are used in about every second ice cream and cheese, every third box of detergent and every fourth loaf of bread produced globally. It generated sales of 13.7 billion kroner, or about $2.7 billion, in the 2010 fiscal year.

Editor AllAboutFeed

Or register to be able to comment.