Hong Kong (CNN Business) DuPont (DD) is creating a new $45.4 billion consumer goods giant by merging its food and nutrition business with International Flavors & Fragrances.The deal announced Sunday values the DuPont unit at $26.2 billion. DuPont shareholders will retain a majority stake in the new entity, which will have a combined annual revenue of more than $11 billion.New York-based IFF (IFF) develops flavors and fragrances for consumer brands. The company has 33,000 customers and hundreds of manufacturing and research facilities around the world, according to its website.DuPont, which counts Kevlar and Styrofoam as clients, has been shaking up its business in recent years. The former giant DowDuPont is now three separate companies that focus on material sciences (now called Dow Inc. (DOW)), agriculture (now dubbed Corteva (CTVA)) and specialty goods (DuPont). Aside from its nutrition unit, DuPont also focuses on products related to electronics, transportation and construction.
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