International Flavors & Fragrances Inc. - IFF STOCK NEWS

In its latest announcement, IFF (NYSE:IFF) revealed preliminary financial results for the fourth quarter and full year ended December 31, 2020. Expected net sales for Q4 2020 are around $1,270 million, slightly down from $1,284 million in Q4 2019, while full-year sales are projected at $5,084 million. Operating profit for Q4 is anticipated to be $100 million, with an adjusted operating profit of approximately $203 million. IFF attributes its performance to its diverse portfolio and resilience during the pandemic. The company is set to complete its merger with DuPont Nutrition & Biosciences shortly, with strong value creation anticipated.

On December 31, 2020, DuPont commenced an exchange offer for stockholders to tender shares for Nutrition & Biosciences (N&B) stock. This action is part of a Reverse Morris Trust transaction with International Flavors & Fragrances (IFF). For Q4 2020, DuPont expects GAAP EPS between $0.35 and $0.37 on net sales of approximately $5.25 billion. Full year 2020 anticipates a GAAP loss per share of $(3.97) to $(3.95) on approximately $20.40 billion in sales. The final financial results will be announced on February 9, 2021.

IFF has provided a preview of its long-term outlook, confirming three-year financial targets and expected synergies from its merger with DuPont's Nutrition & Biosciences. The company aims to achieve $400 million in revenue synergies and $300 million in cost synergies by the end of 2023. IFF anticipates organic sales growth of 4-5% and an adjusted EBITDA margin of approximately 26% by 2023. The Board of Directors for the new IFF includes seven current members and six from DuPont, enhancing leadership strength.

DuPont announced a split-off exchange offer allowing stockholders to exchange shares of DuPont for shares of Nutrition & Biosciences (N&B) at a 7% discount. This is part of a Reverse Morris Trust transaction with International Flavors & Fragrances (IFF). Stockholders can choose to tender some, all, or none of their shares, expecting to receive approximately $107.53 of N&B stock for every $100 of DuPont stock. The exchange offer runs until January 29, 2021, and the shares of N&B will convert to IFF shares post-merger, with a pro rata distribution planned if the offer is undersubscribed.

IFF (NYSE:IFF) has achieved the prestigious EcoVadis platinum sustainability rating for 2020, placing it among the top 1% of companies evaluated. With an overall score of 73%, IFF excelled particularly in Environment and Sustainable Procurement. The company has maintained a top performance status since 2014. Additionally, IFF was recognized in the Dow Jones Sustainability Indices and named one of America’s Most Responsible Companies for 2021. Furthermore, IFF secured a place on CDP’s ‘A List’ for water security for the third consecutive year, highlighting its commitment to corporate environmental transparency.

IFF has declared a quarterly cash dividend of $0.77 per share on its common stock. This dividend will be payable on January 7, 2021, to shareholders who are on record as of December 28, 2020. As a prominent company in scent, taste, and nutrition, IFF continues to position itself as an innovator in its industry, emphasizing its commitment to delivering unique products that cater to consumer needs.

IFF and DuPont have received unconditional clearance from the European Commission for the merger of DuPont’s Nutrition & Biosciences business with IFF. This approval is the final antitrust clearance necessary for the transaction, which is expected to close in Q1 2021. IFF's CEO expressed satisfaction with the progress and support received from shareholders, marking this as a significant milestone towards the merger. DuPont's executive chairman also voiced confidence in the long-term growth potential of the combined entity.

International Flavors and Fragrances (IFF) has announced its voluntary delisting from Euronext Paris after a thorough review of trading volume, costs, and administrative requirements. The delisting has been approved by the Euronext Board. IFF shares will continue to be traded on the New York Stock Exchange (NYSE), their primary listing. A voluntary sales facility will be available for shareholders holding IFF shares through Euroclear France, allowing them to sell shares on the NYSE. The last trading day on Euronext Paris is set for December 17, 2020, with delisting effective December 18, 2020.

International Flavors & Fragrances reported third quarter 2020 financial results with net sales of $1.27 billion, flat year-over-year. Adjusted EPS was $1.40, down from $1.53 in 2019. Despite challenges from COVID-19, the Scent segment showed 4% growth in sales, while the Taste segment's sales decreased 2%. Operating profit fell 19% to $150.3 million. The company anticipates a sales headwind of roughly 400 basis points in Q4 due to accounting adjustments. IFF is progressing toward a merger with DuPont Nutrition and Biosciences, expecting completion in Q1 2021.