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IFF To Invest Over $100 Million In China & Singapore Over Next Three
NEW YORK, Jan 12, 2011 (BUSINESS WIRE) --
International Flavors & Fragrances Inc. (NYSE: IFF), a leading global creator of flavors and fragrances for consumer products, today announced that it plans to invest over $100 million in Greater Asia over the next three years. The investment will be allocated to two new state-of-the-art manufacturing facilities located in Guangzhou, China and Singapore.
"I am pleased to announce that over the next three years we expect to invest a significant portion of our capital expenditure in Greater Asia," said IFF Chairman and Chief Executive Officer Doug Tough. "As growth in this region continues to accelerate, it is important that we align our infrastructure to support our capacity requirements. Today's investment reflects our continued confidence in our growth strategies in the region and our long-term commitment to these very important emerging markets."
The Guangzhou site will be dedicated to flavors production while the facility in Singapore will be used for both flavor and fragrance production. Located near the existing IFF sites, both new facilities are ideally situated to ensure a smooth transition with experienced in-house talent. Together, the sites will considerably expand capacity for the Greater Asia region well into the future.
Doug Tough continued, "On the heels of the investment into our Creative Center in Shanghai, today's announcement underscores our belief in the region, the strength of our Asian teams, and IFF's dedication to serving the present and future needs of our customers."
International Flavors & Fragrances Inc. (NYSE: IFF), is a leading global creator of flavors and fragrances used in a wide variety of consumer products and packaged goods. Consumers experience these unique scents and tastes in fine fragrances and beauty care, detergents and household goods, as well as beverages, confectionery and food products. The Company leverages its competitive advantages of brand understanding and consumer insight combined with its focus on R&D and innovation, to provide customers with differentiated product offerings. A member of the S&P 500 Index, IFF has sales, manufacturing and creative facilities in 32 countries worldwide. For more information, please visit our website at www.iff.com.
SOURCE: International Flavors & Fragrances Inc.
International Flavors & Fragrances Inc.
Michael DeVeau, 212-708-7164