International Flavors & Fragrances has a taste for DuPont. It's merging with DuPont's nutrition business. Together, they're creating a consumer giant that will boast revenue of $11 billion and a valuation of $45 billion.

As its name implies, IFF works with global brands to develop scents and tastes for products ranging from plant-based burgers to perfumes.

DuPont shareholders will own a 55% stake in the new company, leaving IFF shareholders with 45%. The combined company expects to save $300 million in costs by the end of the third year.

IFF shares fell more than 7% in early trading Monday. DuPont shares rose modestly.