Production to be Consolidated into Existing Ingredients’ Facilities
NEW YORK--(BUSINESS WIRE)--May. 3, 2013--
International Flavors & Fragrances Inc. (NYSE:IFF), a leading global
creator of flavors and fragrances for consumer products, today announced
its intention to close its Fragrances Ingredients manufacturing facility
in Augusta, Georgia by July 2014 and to consolidate production into
existing IFF Ingredients facilities. The closing of the Augusta plant
will improve efficiencies within the Ingredients manufacturing network,
thereby supporting the company’s objective to ensure operations are
cost-efficient and competitive.
“Providing innovative and cost-effective ingredients for use in our
Fragrance Compounds business is our number one priority and is critical
to our ability to create winning solutions for our customers,” said
Nicolas Mirzayantz, Fragrances Group President. “Our Fragrance
Ingredients business supplies our Fine Fragrance and Beauty Care and
Functional Fragrances categories with differentiated and captive
ingredients that provide us with a strategic and competitive advantage,
and enable our perfumers to create winning consumer fragrances for our
customers’ brands.”
Mr. Mirzayantz continued, “With a changing competitive environment, we
have decided to streamline those parts of our business that support
lower value-added, commodity-like ingredients and remain focused on
those areas that are more value-enhancing. Based on our ongoing business
review, this is one of several actions we are taking to improve the
competitiveness of our Fragrance Ingredients business, and to position
our overall Fragrances business for long-term profitable growth.”
Rob Edelman, Senior Vice President Fragrance Ingredients added, “While
market forces clearly dictate the optimization of Ingredients’
production, we do not make decisions such as this lightly. We value our
employees and will do everything possible to treat them with fairness
and sensitivity. Moving production to existing Ingredients plants
creates synergies for IFF that will improve customer service levels
while we continue to invest for the future.”
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 more than 5,700 employees working in 32 countries
worldwide. For more information, please visit our website at www.iff.com.
Cautionary Statement Under The Private
Securities Litigation Reform Act of 1995
This press release contains “forward-looking statements” under the
Federal Private Securities Litigation Reform Act of 1995, including
statements regarding (i) the expected closing of IFF’s Augusta, Georgia
manufacturing facility and consolidation of production into other IFF
facilities; (ii) expected improvement in efficiencies within the
Ingredients system resulting from the closing of the Augusta, Georgia
manufacturing facility; (iii) expected improvements in the
competitiveness of the Ingredients business and long-term profitable
growth of the Fragrances business; and (iv) expected improvements in
customer service resulting from the closing of the Augusta, Georgia
manufacturing facility. These statements are based on management’s
current expectations and assumptions regarding IFF’s business, the
economy and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties, risks
and changes in circumstances that are difficult to predict. IFF’s actual
results may differ materially from those contemplated by the
forward-looking statements included in this release, and we wish to
caution you against relying on any of these forward-looking statements.
Important factors that could cause actual results to differ materially
from those in the forward-looking statements include the economic
climate for IFF’s industry and demand for its fragrance ingredients, the
ability of IFF to successfully close its manufacturing facility and
transfer production to other facilities, unexpected or unforeseen costs
associated with the closing of the Augusta, Georgia manufacturing
facility, changes in consumer preferences, IFF’s ability to meet
consumer demands, and other factors contained in the “Risk Factors”
section of IFF’s Annual Report on Form 10-K filed with the SEC on
February 26, 2013 and subsequent filings with the SEC. IFF assumes no
responsibility to update forward-looking statements or to adapt them to
future events or developments after the date of this release.
Source: International Flavors & Fragrances Inc.
International Flavors & Fragrances Inc.
Investors:
Shelley
Young, 212-708-7271
Shelley.Young@iff.com
or
Media:
Denise
Gillen, 212-515-7308
Denise.Gillen@iff.com
