LANXESS, a specialty chemicals company that develops, manufactures and markets chemical intermediates, additives, specialty chemicals and plastics, agreed to acquire the Microbial Control business unit of International Flavors & Fragrances, an American corporation that produces flavors, fragrances, and cosmetic actives, for $1.3bn. "Today’s announcement is part of a strategic portfolio review and is guided by our commitment to enhance long-term shareholder value. This transaction is driven by the best-owner mindset and allows us to focus on our core businesses as we strengthen our balance sheet and maximize shareholder return. The divestiture also enhances IFF’s financial profile, providing growth acceleration and higher margins," Andreas Fibig, IFF Chairman and CEO.