Business Wire

IFF Completes Combination with Frutarom, Establishing a Global Leader in Taste, Scent and Nutrition

Del

Regulatory News:

International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris: IFF) today announced it has completed its acquisition of Frutarom.

The new IFF is a global leader in taste, scent and nutrition:

  • Creates a differentiated portfolio with an increased focus on naturals and health and wellness as well as more comprehensive solutions.
  • Provides opportunities to expand into attractive and fast-growing categories, such as savory solutions, natural colors, natural food protection and health ingredients
  • Broadens complementary and growing customer base, including enhanced exposure to the fast-growing small- and mid-sized customers, such as private label
  • Establishes enhanced platform to deliver sustainable, profitable growth
  • Provides strong value creation opportunities to maximize shareholder value – including cross-selling benefits as well as cost synergies

“The coming together of IFF and Frutarom is a momentous achievement. We are excited to be moving forward as one company and pursuing new opportunities that benefit all our stakeholders around the globe,” said IFF Chairman and CEO, Andreas Fibig. “Over the past several months, our integration planning teams have been working to ensure that we capture the best of both companies and create a seamless and efficient transition to achieve both our operational and financial targets for this combination. Today, we are celebrating the creation of a new IFF with even greater aspirations as a leader in taste, scent and nutrition. On behalf of everyone at IFF, we welcome Frutarom and its talented team, and look forward to working closely with all employees to continue to deliver winning products to our customers and maximizing long-term value for our shareholders.”

IFF anticipates the combination with Frutarom will translate into accelerated financial performance, with robust top and bottom-line growth. The Company expects to generate an average sales growth of 5-7%, and 10% adjusted cash EPS growth, on a currency neutral and pro-forma basis, over the 2019 to 2021 period. IFF also believes it will realize $145 million in cost synergies by rationalizing procurement, optimizing global footprint and streamlining overhead expenses by the third full year after the completion of the merger. The Company will be prioritizing repayment of debt and anticipates to be less than 3X net debt to EBITDA in 18-24 months to retain its investment grade rating.

As previously announced, holders of Frutarom ordinary shares are entitled to receive $71.19 in cash and 0.249 of a share of IFF common stock for each Frutarom ordinary share they owned. Frutarom shareholders will also receive a special dividend, on a per share basis, equal to 0.249 of the per share value of IFF dividends with a record date between May 7 and October 4, 2018. The combined company will be headquartered in New York City and will maintain a presence in Israel.

Effective today, the Company trades on the New York Stock Exchange (NYSE) and Euronext Paris under the ticker symbol IFF. On October 9, 2018, IFF shares will also trade on the Tel Aviv Stock Exchange (TASE) under the ticker symbol IFF. The ordinary shares of Frutarom are no longer listed for trading on the Tel Aviv Stock Exchange or the London Stock Exchange.

Meet IFF

International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris: IFF) is a leading innovator of scent, taste, and nutrition, with over 110 manufacturing facilities, 100 R&D centers, and 33,000 customers globally. At the heart of our company, we are fueled by a sense of discovery, constantly asking “what if?”. That passion for exploration drives us to co-create unique products that consumers experience in more than 150,000 unique products sold annually. Our 13,000 team members globally take advantage of leading consumer insights, naturals exploration, research and development, creative expertise, and customer intimacy to develop differentiated offerings for consumer products. Learn more at www.iff.com, Twitter, Facebook, Instagram, and LinkedIn.

International Flavors & Fragrances Inc.
521 West 57th Street
New York, NY 10019

T +212.765.5500
F +212.708.7132
iff.com

Contact information

International Flavors & Fragrances Inc.
Michael DeVeau, 212-708-7164
VP, Global Corporate Strategy, Investor Relations & Communications
Michael.DeVeau@iff.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

The Brightline Initiative Announces Strategic Partnership with NetEase11.12.2018 13:00Pressemelding

The Brightline Initiative announced today that NetEase (网易) joined its coalition as first founding member from the Asia region to help address the growing challenges of strategy implementation leveraging on insight and learnings from Chinese technology companies. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181211005409/en/ Brightline Initiative Announces Strategic Partnership with NetEase (Photo: Business Wire) Launched in early 2017, the Brightline™ Initiative is a coalition, led by the Project Management Institute together with leading global organizations, dedicated to helping executives bridge the expensive and unproductive gap between strategy design and delivery. Brightline focuses its work on three key areas: Thought and Practice Leadership, Networking and Capability Building. NetEase Hangzhou Research Institute Chief Executive Chen Gang said, “Historically NetEase has been paying close attention on strategy design

Quotient Sciences Conducts Integrated Translational Pharmaceutics® Program in U.S. with Druggability Technologies11.12.2018 13:00Pressemelding

Quotient Sciences, a leading drug development services organization, and Druggability Technologies (DRGT), a specialty pharmaceutical company, announced a collaboration today to utilize Quotient’s integrated Translational Pharmaceutics® platform to advance the development of DRGT-46, a novel, fast-acting formulation of celecoxib using proprietary super-API compositions developed by DRGT. This will be Quotient’s first Translational Pharmaceutics program delivered from its U.S. operating facilities. Within the program of work, DRGT is accessing Quotient’s unique Translational Pharmaceutics platform. This involves the development of amorphous spray-dried formulations and GMP clinical trial manufacturing in Philadelphia followed by clinical dosing and taste assessment at Quotient’s clinical pharmacology unit in Miami. The program is fully adaptive, which will enable DRGT to optimize the drug product in response to emerging clinical data. Quotient will then seamlessly scale up the selected

AMRA Receives U.S. FDA Clearance for AMRA® Profiler, a Magnetic Resonance Diagnostic Software Application Enabling Non-Invasive Evaluation of Body Composition11.12.2018 11:28Pressemelding

AMRA Medical (“AMRA”), the international leader in body composition analysis, announced today that it has received FDA clearance for AMRA® Profiler, now available for use in a clinical setting in the US. AMRA® Profiler is indicated for use as a magnetic resonance (MR) diagnostic device for non-invasive fat and muscle evaluation that enables the generation, display and review of MR-based body composition measurements. AMRA is the first in the world to transform MR-images from a 6-minute whole-body MRI scan into 3D-volumetric fat and muscle measurements, enabling outstanding accuracy and precision when assessing volume and distribution of fat and muscles, as well as metabolic status. “We are delighted with the FDA’s decision. The challenges facing healthcare systems across the world are well-documented. Cost constraints, together with societal issues such as obesity and an aging population, are putting hospitals and private clinics under increasing pressure,” stated Eric Converse, CEO of

Acuris Risk Intelligence Celebrates 350 Direct Customers and Wins Compliance Awards11.12.2018 11:00Pressemelding

Acuris Risk Intelligence, a trusted and independent provider of data intelligence for Anti-Money Laundering, Third Party Risk and Cyber Security professionals, today announces that it now serves 350 direct customers worldwide, helping them to mitigate risk and effectively comply with regulations. This significant milestone nearly doubles its direct client base compared to this time last year and is only two months since the relaunch of the brand, formerly known as C6. Whilst the business has been successful since its inception in 2004 in selling its data via major channel partners, this is a noteworthy milestone as it reflects the success of focusing on direct customer outreach. The business continues to work with some of the biggest compliance platforms in the world as an integrated provider. Acuris Risk Intelligence has also won FinTech/RegTech Rising Star and Best Financial Crime Intelligence Data at The Compliance Register Platinum Awards 2018 as well as executing a successful expa

Wound Care: Nexodyn® AOS Comes to Fruition in Slovakia11.12.2018 10:30Pressemelding

Nexodyn® AcidOxidizing Solution (AOS), the Tehclo-based product for acute and chronic wound management, is now available in Slovakia, promoted and commercialized by the pharmaceutical companies Evopharm and Sanomed, pursuant to an exclusive partnership with the Swiss pharma company APR Applied Pharma Research s.a. (“APR”). After Slovakia, in early 2019 Evopharm will expand the distribution of the product first to Poland, where the registration is currently being completed, and then to Czech Republic. As confirmed by the results of pre-launch activities, Evopharm is confident that Nexodyn® AOS, based on APR’s proprietary and patented technology Tehclo®, can offer to Slovak Healthcare Professionals (“HCPs”) and caregivers a new treatment option to effectively address the wound healing complexity. Local KOLs, involved in an Advisory Board, got particularly impressed from the distinctive physico-chemical properties of this product, able to create the ideal microenvironment to sustain the p

Kao Data Invests in euNetworks High Density Fibre as Part of a North London Artery11.12.2018 09:07Pressemelding

Kao Data, the home of innovation and UK’s leading entrant to the wholesale colocation market, has announced it is working with euNetworks, a Western European bandwidth infrastructure provider. This enables the delivery of high-density fibre and duct to the Kao Data, Harlow based data centre campus north of London. The new infrastructure provides unique routing opportunities, taking advantage of Harlow’s strategic location between core hyperscale campuses in Dublin and Amsterdam. It also offers fast connection to Slough, to the West of London, and Docklands in the East of London. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181211005308/en/ Kao Data Invests in euNetworks High Density Fibre as Part of a North London Artery (Photo: Business Wire) As the UK continues its strong position in the international data centre market, a series of significant investments in high-density fibre routes are underway to support hyperscale d