IFF Invests $30 Million to Expand Regional Footprint in Singapore

Rhea-AI Summary

IFF has launched its new Singapore Innovation Center, the largest in the region, as part of a nearly $30 million investment to enhance capabilities across its four business divisions. This facility features over ten labs and is situated in Singapore's biomedical research hub. Alongside the Flexiblend plant, these developments aim to accelerate innovation and meet increasing demand in Asia, projected to drive 60% of global economic growth by 2030. IFF demonstrates its commitment to co-creation and sustainable solutions for local markets.

Positive

• Opened Singapore Innovation Center, enhancing R&D capabilities.
• Investment of nearly $30 million strengthens regional presence.
• Features state-of-the-art facilities and laboratories for client collaboration.
• Flexiblend plant improves supply robustness in grain processing and animal health.

Negative

• None.

New innovation center and Singapore Flexiblend plant to accelerate innovation and broaden co-creation capabilities in Greater Asia

SINGAPORE--(BUSINESS WIRE)-- IFF (NYSE: IFF) today announced the opening of its new Singapore Innovation Center, the first in its global network of research, creative and application centers to integrate the technologies, capabilities and expertise of all four business divisions: Nourish, Health & Biosciences, Scent and Pharma Solutions. At nearly 11,000 square meters, it is IFF’s largest in the region.

IFF Invests $30 Million to Expand Regional Footprint in Singapore (Photo: Business Wire)

Its launch—following IFF’s newly operational Singapore Flexiblend plant in Tuas—marks the latest in the company’s nearly US$30 million investment into Singapore. The two sites are part of a series of aggressive investments IFF is making to accelerate innovation, broaden its co-creation capabilities, drive speed to market and enhance accessibility to customers across Asia.

“By 2030, Asia is projected to account for 60 percent of global economic growth,” said Frank Clyburn, chief executive officer of IFF. “For IFF, Asia has demonstrated consistent growth, and we see tremendous opportunity in the future.”

“Just this year, we’ve opened innovation centers in the U.S., Latin America, Europe and now Singapore, demonstrating our commitment to advance scientific discovery globally. Together, these significant investments will fast forward innovation across our broad portfolio, supporting our customers in creating differentiated, new-to-world solutions that benefit people and planet.”

Situated in Singapore’s premier biomedical research hub, the ultra-modern center features more than ten creation, design and analytical laboratories, a collaboration studio, and culinary and demo kitchens, providing customers with full sensory capabilities to support each stage of the process from ideation through commercialization. It has one of the biggest dairy processing pilot plants in Southeast Asia, replicating large-scale industrial production processes. The center also houses IFF’s global innovation center for fabric care powders and personal wash, the largest scent evaluation facility worldwide, and is the first IFF location to support all scent product categories.

“In this integrated space, we will unlock cross-divisional synergies, fast-tracking innovation and accelerating new growth opportunities,” said Ramon Brentan, IFF Singapore Innovation Center site leader, and vice president, Greater Asia regional general manager, Scent, IFF. “We are very well positioned to offer a comprehensive portfolio for Asian consumers, offering end-to-end solutions that consumers love in food, beverage, health, biosciences and scent. This center is a true powerhouse of innovation and will further strengthen our position as a strategic co-creation partner to our customers in Asia.”

The state-of-the-art Singapore Flexiblend plant—which had its grand opening on Oct. 12—will increase supply robustness and provide customized biotechnology solutions catered to the grain processing and animal nutrition and health customers in the region.

“We are delighted that IFF chose Singapore to establish its largest innovation facility in Asia. Along with their new Flexiblend plant, these investments demonstrate how innovation and solution-driven companies can leverage Singapore’s talent, scientific capabilities, and access to regional markets to develop new, sustainable products for Asian consumers,” said Mr. Tan Kong Hwee, executive vice president, Singapore Economic Development Board (EDB).

“In Singapore’s push towards environmentally sustainable growth opportunities in food, wellbeing, home and consumer care, EDB will partner like-minded companies such as IFF for their growth plans and create interesting jobs for Singaporeans in these areas.”

IFF is present in 14 countries across Greater Asia and has operated in Singapore since 1969. The Singapore Innovation Center is part of IFF’s network of more than 50 research, creative and design centers, which help bring differentiated and integrated solutions to customers around the world.

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 “will,” expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “would,” “target,” 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 the impact of the new center to our business. 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/20221012006035/en/

Michael DeVeau

Chief Investor Relations & Communications Officer 212.708.7164

Media.request@iff.com

Source: IFF

FAQ

What is the significance of IFF's Singapore Innovation Center opening?

The Singapore Innovation Center enhances IFF's research capabilities and co-creation efforts, positioning the company for growth in the fast-expanding Asian market.

How much did IFF invest in its Singapore facilities?

IFF's investment in Singapore, including the Innovation Center and Flexiblend plant, totals nearly $30 million.

What facilities are included in the Singapore Innovation Center?

The center includes over ten labs, a collaboration studio, culinary kitchens, and one of the largest dairy processing pilot plants in Southeast Asia.

What markets is IFF aiming to serve with its new investments in Singapore?

IFF's investments target customers across food, beverage, health, biosciences, and scent markets in Asia.

When did IFF open its Flexiblend plant in Singapore?

The Flexiblend plant in Singapore had its grand opening on October 12.