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IFF anounced its Board of Directors has authorized a new share purchase program
New York, N.Y., October 22, 2002 – International Flavors & Fragrances Inc. (NYSE: IFF) (“IFF” or ”the Company”) announced today that its Board of Directors has authorized a new share repurchase program of $100 million (approximately 2.9 million shares at the current market price); this program is expected to be completed over the next 18 to 24 months. The existing $100 million authorization, in effect since September 2000, is nearly complete. The purchases will be made from time to time on the open market or through private transactions as market and business conditions warrant. The reacquired shares will be available for use under the Company's employee benefit plans and for other general corporate purposes. Salomon Smith Barney Inc. will continue as the agent for this program.
IFF is the world's leading creator and manufacturer of flavors and fragrances used in a wide variety of consumer products—from fine fragrances and toiletries, to soaps, detergents and other household products, to beverages and food products. IFF is dedicated to The Pursuit of Excellence in every area of its business, using knowledge, creativity, innovation and technology to continually provide customers with the highest quality products and service and superior consumer understanding.
IFF has sales, manufacturing and creative facilities in 37 countries worldwide and annual sales exceeding $1.8 billion. For more information, please visit our Web site at www.iff.com.
Cautionary Statement Under the Private Securities Litigation Reform Act of 1995
Statements in this release which are not historical facts or information are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to risks and uncertainties that could cause IFF's actual results to differ materially from those expressed or implied by such forward-looking statements. Risks and uncertainties with respect to IFF's business include general economic and business conditions, interest rates, the price and availability of raw materials, and political and economic uncertainties, including the fluctuation or devaluation of currencies in countries in which IFF does business. The Company intends its forward-looking statements to speak only as of the time of such statements, and does not undertake to update or revise them as more information becomes available.