International Flavors & Fragrances Inc. - IFF STOCK NEWS

IFF Pharma Solutions has launched AnswerCenter, a new web-based customer experience platform designed to enhance user experience and provide comprehensive support. The platform features an intuitive interface allowing customers to browse products by market, technology, or segment, with advanced filtering options for excipients and ingredients across pharmaceuticals, biologics, dietary supplements, and other sectors.

The platform provides access to detailed technical information, regulatory guidelines, and documentation related to product brands, quality, technical data sheets, supply chain, and regulatory support. AnswerCenter represents a key component of IFF's digital transformation strategy, aiming to streamline customer access to information while maintaining personal customer relationships.

IFF has announced the appointment of Michael DeVeau as Executive Vice President and Chief Financial Officer, effective January 1, 2025. DeVeau, currently Senior Vice President of Corporate Finance and Investor Relations, will succeed Glenn Richter, who will retire at the end of 2024.

DeVeau brings 15 years of experience at IFF, having served in multiple senior finance leadership roles including Divisional CFO of Scent and Chief Strategy Officer. In his current role, he oversees corporate and divisional financial planning and analysis, corporate strategy, and investor relations. Prior to IFF, he held positions at PepsiCo and started his career as an equity research analyst at Citigroup Investment Research.

IFF has launched TEXSTAR™, an innovative enzymatic solution designed to enhance texture in dairy and plant-based fermented products without added stabilizers. The enzyme converts sucrose into poly- and oligosaccharides during fermentation, reducing sugar content while delivering premium texture with greater smoothness and increased shine. TEXSTAR™ can reduce texturant-related Scope 3 greenhouse gas emissions by up to 90% due to lower usage rates and can serve as a partial milk protein replacer to reduce carbon footprint. The solution addresses consumer preferences, with 53% of US consumers eating yogurt as a snack and 42% seeking thick, spoonable consistency.

IFF reported strong Q3 2024 financial results with sales of $2.93 billion, up 4% from the previous year. On a comparable basis, currency neutral sales increased 9%, driven by growth across all segments. Adjusted operating EBITDA was $568 million, improving 16% year-over-year. The company achieved notable volume recovery in every division, with Health & Biosciences and Scent delivering double-digit performances. Based on strong performance, IFF increased its full-year 2024 guidance, now expecting sales between $11.3-11.4 billion and adjusted operating EBITDA at the high end of $2.1-2.17 billion range.

IFF has appointed two new perfumers to its Paris-based fine fragrance team. Alexandra Carlin joins as Senior Fine Fragrance Perfumer, bringing experience from creating fragrances like Diptyque Kyoto and Amouage Honour Woman. Alex Lee joins as Fine Fragrance Perfumer, with a portfolio including Dolce & Gabbana's Velvet Infusion and Penhaligon's Agarbathi. Both perfumers have studied at ISIPCA and bring unique perspectives to IFF's creative collective. The appointments aim to strengthen IFF's Paris creative hub and enhance the company's artistic capabilities in perfumery.

IFF (NYSE: IFF) has announced its Board of Directors' declaration of a regular quarterly cash dividend of $0.40 per share of common stock. The dividend will be payable on January 8, 2025 to shareholders of record as of December 20, 2024. IFF operates as an industry leader in food, beverage, scent, health and biosciences, creating essential solutions through the combination of science and creativity.

IFF has presented its 2024 Science Awards to two distinguished university scientists for their contributions to food, nutrition, and health advancement. Tom Desmet, Ph.D. from Ghent University was recognized for his groundbreaking work in biocatalysis and enzyme design for carbohydrate synthesis. Yolanda Sanz, Ph.D. from IATA-CSIC was honored for her research on gut microbiome relationships with celiac disease, obesity, and stress-related disorders.

Each recipient receives a $30,000 prize. The awards continue the legacy of the Danisco Foundation, established in 1981, which IFF maintains following its merger with DuPont's Nutrition and Biosciences in 2021. Recipients are selected through a rigorous nomination process by IFF Technical Fellows and R&D leaders.

IFF is showcasing innovative food and beverage solutions at Gulfood Manufacturing 2024 in Dubai from November 5-7. Under the theme 'Make joy through science and creativity,' the company will present concepts focused on Experiential Delight, Health, and Affordability across beverages, dairy, snacks, bakery, and confectionery categories.

Key innovations include: cost-efficient dairy drinks with enhanced calcium levels, fizzy beverages with innovative flavors, reduced tomato paste solutions saving up to 30% in sauces, international fusion snacks, and cocoa reduction solutions for cookies and chocolate drinks. These developments aim to help manufacturers create products with sensory appeal and functional benefits while reducing costs.

IFF has launched OPTIMASH® F200 and OPTIMASH® AX enzyme solutions to maximize corn oil recovery at fuel ethanol plants. New in-plant data shows this combination can deliver up to 15 percent additional corn oil recovery, meeting growing demand in biodiesel, renewable diesel, and animal feed industries. IFF has also developed a proprietary oil mapping calculator to help ethanol producers optimize dosing for maximum recovery.

These solutions enable ethanol producers to sell ethanol into low-carbon intensity (low-CI) markets. The enzyme duo has been found to boost corn oil yield by 15.7 percent, from 0.89 lb/bu to 1.03 lb/bu. It also allows producers to enter low-CI markets by breaking down corn kernel fiber into glucose, resulting in a lower CI score and potentially qualifying for substantial tax credits.

IFF offers comprehensive technical support, including baseline and trial oil mapping, data analyses for custom dosing recommendations, and collaboration to reduce energy consumption through fiber dewatering.