IFF Completes Divestiture of Flavor Specialty Ingredients Business

Rhea-AI Summary

IFF (NYSE:IFF) has completed the divestiture of its Flavor Specialty Ingredients (FSI) business to Exponent, a UK-based private equity firm. The sale was finalized on August 1, 2023. This move is part of IFF's strategy to optimize its portfolio and improve growth and returns. The company aims to concentrate on its most attractive businesses and reduce outstanding debt.

NEW YORK--(BUSINESS WIRE)-- IFF (NYSE:IFF) today announced that it successfully completed the previously announced divestiture of its Flavor Specialty Ingredients (FSI) business to Exponent, a leading UK-based private equity firm, on August 1, 2023.

“The sale of our FSI business unit is another step in our journey to continuously maximize value,” said Frank Clyburn, IFF CEO. “Portfolio optimization is a central part of our ongoing strategy to improve growth and returns. This focus allows us to concentrate on our most attractive businesses and strengthen our capital structure by reducing outstanding debt. We’d like to thank our FSI colleagues for their demonstrated commitment to innovation, service and quality. We wish them the best for their new journey.”

Cautionary Statement under the Private Securities Litigation Reform Act of 1995

This press release contains “forward-looking statement” within the meaning of the federal securities laws, including Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “continue,” “see,” “will,” “would,” “towards,” similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about our portfolio optimization and our growth. The forward-looking statements included in this release are made only as of the date hereof, and we undertake no obligation to update the forward-looking statement to reflect subsequent events or circumstances.

Welcome to IFF

At IFF (NYSE: IFF), an industry leader in food, beverage, health, biosciences and scent, science and creativity meet to create essential solutions for a better world – from global icons to unexpected innovations and experiences. With the beauty of art and the precision of science, we are an international collective of thinkers who partners with customers to bring scents, tastes, experiences, ingredients and solutions for products the world craves. Together, we will do more good for people and planet. Learn more at iff.com, Twitter, Facebook, Instagram, and LinkedIn.

© 2022 by International Flavors & Fragrances Inc. IFF is a Registered Trademark. All Rights Reserved.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230801479685/en/

Media Relations: Paula Heinkel 323.877.5339

Media.request@iff.com

Investor Relations: Michael Bender 212.708.7263

Investor.Relations@iff.com

Source: IFF

FAQ

What is the company name that divested its Flavor Specialty Ingredients (FSI) business?

The company that divested its FSI business is IFF (NYSE:IFF).

Who acquired IFF's FSI business?

Exponent, a UK-based private equity firm, acquired IFF's FSI business.

When was the divestiture of IFF's FSI business completed?

The divestiture of IFF's FSI business was completed on August 1, 2023.

What is the purpose of IFF's portfolio optimization strategy?

IFF's portfolio optimization strategy aims to improve growth and returns by concentrating on its most attractive businesses and reducing outstanding debt.