NEW YORK--(BUSINESS WIRE)--Jan. 16, 2014--
International Flavors & Fragrances Inc. (NYSE:IFF), a leading global
creator of flavors and fragrances for consumer products, today announced
that it has completed the acquisition of Aromor Flavors and Fragrances
Ltd., a privately held manufacturer and marketer of complex specialty
ingredients that are used in fragrances and flavors.
While terms of the transaction have not been disclosed, the Aromor
operations would have represented approximately $35 million of
incremental sales to IFF’s results in 2013 on a proforma basis. IFF
funded the transaction from existing resources. Aromor will become part
of the IFF Fragrances Ingredients business and is expected to be
accretive to IFF’s earnings per share in 2014.
Chief Executive Officer Doug Tough said “We are pleased to complete this
important strategic acquisition. We expect Aromor, with its strong R&D
capabilities, to provide us with cost-effective, quality materials to
use in our formula creations and external sales.”
“A key component of our overall Ingredients strategy is to provide
cost-advantaged, specialty molecules that enhance our development of
consumer preferred fragrance compounds,” added Nicolas Mirzayantz, Group
President Fragrances. “We believe the use of the Aromor ingredients
portfolio and their technology development process will be value
enhancing by improving the overall profitability and win rate of our
fragrance creations. We plan to continue to support the Aromor facility
in Israel and invest in and develop their R&D and manufacturing
capabilities in order to strengthen the development and production of
specialty ingredients.”
“We welcome Aromor’s talented and dedicated team and are excited to
bring their pipeline of specialty ingredients to IFF. The Aromor
acquisition is complementary to our existing ingredients portfolio and
is an important step in increasing our scale and expertise in
Ingredients,” said Rob Edelman, SVP Fragrance Ingredients. “As Aromor is
currently one of our suppliers, we have been working with the Aromor
team for many years and are excited to have them join IFF. We look
forward to working with the current Aromor management as they continue
to lead and manage the company’s operations.”
“Aromor is delighted to join the IFF family as it will enable
accelerated growth for our business. Our R&D expertise, combined with
IFF, will enable increased new product development and technology
advances,” said Karen Cohen Khazon, Aromor Chief Executive Officer and
President.
About Aromor
Founded in 1982, and based in Israel in Kibbutz Givat Oz with sales
offices in the United States, Aromor is engaged in the development,
production and marketing of Natural, Natural Identical and Synthetic
high added value aroma and flavors ingredients for the perfume,
cosmetics and food industries. Aromor has approximately 90 employees.
Aromor has salient competitive advantages and specializes in the
development of captives and sophisticated molecules. For more
information, please visit our website at www.aromor.com.
About IFF
International Flavors & Fragrances Inc. (NYSE: IFF) is a leading global
creator of flavors and fragrances used in a wide variety of consumer
products. Consumers experience these unique scents and tastes in fine
fragrances and beauty care, detergents and household goods, as well as
beverages, sweet goods and food products. The Company leverages its
competitive advantages of consumer insight, research and development,
creative expertise, and customer intimacy to provide customers with
innovative and differentiated product offerings. A member of the S&P 500
Index, IFF has approximately 5,900 employees working in 32 countries
worldwide. For more information, please visit our website at www.iff.com.
Forward-Looking Statements
This press release contains forward-looking statements under the Federal
Private Securities Litigation Reform Act of 1995, which are often
identified by words like “believe,” “assume,” “expect,” “should” or
similar expressions. In particular, among others, statements about
expectations regarding the effects of the Aromor Flavors and Fragrances
Ltd. acquisition, including growth, cost-saving opportunities, increased
scale and the impact on our innovation strategy are forward-looking
statements. These forward-looking statements are qualified in their
entirety by cautionary statements and risk factor disclosures contained
in IFF’s filings with the U.S. Securities and Exchange Commission,
including its Annual Report on Form 10-K filed with the Commission on
February 26, 2013. We wish to caution readers that certain important
factors could cause actual results to differ materially from those
expressed in any forward-looking statements made in this press release,
including, but not limited to our ability to achieve expected synergies
and successfully complete the integration of Aromor and the level of
expenses and other charges related to the acquisition. We believe these
forward-looking statements are reasonable; however, undue reliance
should not be placed on any forward-looking statements, which are based
on current expectations. All forward-looking statements speak only as of
the date hereof. We undertake no obligation to update or revise
forward-looking statements that may be made to reflect events or
circumstances that arise after the date made or to reflect the
occurrence of unanticipated events, other than as required by law.
Source: International Flavors & Fragrances Inc.
International Flavors & Fragrances Inc.
Investor Relations:
Shelley
Young, 212-708-7271
or
Media Inquiries:
Denise Gillen,
212-515-7308
