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International Flavors & Fragrances Inc. (NYSE: IFF) (“IFF” or ‘the Company”), announced today that its Board of Directors had voted to increase the Company’s regular quarterly cash dividend by 5.7%, from 17.5 cents to 18.5 cents per share
The Company also announced that its Board of Directors had authorized a new $200 million share repurchase program which is expected to be completed over the next 24 – 30 months; an existing $100 million authorization, in effect since July 2004, is nearly complete. The new repurchase program represents approximately 5.3 million shares at the current market price. The purchases will be made from time to time on the open market or through private transactions as market and business conditions warrant. Reacquired shares will be available for use under the Company's employee benefit plans and for other general corporate purposes.
Richard A. Goldstein, IFF's Chairman and Chief Executive Officer stated, “I am pleased the Board has taken these decisions. We have made substantial progress in paying down debt and improving our cash flows; these actions reflect our confidence in the Company's long-term growth prospects and our commitment to building shareholder value.”
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 31 countries worldwide and annual sales exceeding $2.0 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 press release, which are not historical facts or information, are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management's reasonable current assumptions and expectations. Such forward-looking statements, which may be identified by such words as “expect”, “anticipate”, “outlook”, “guidance”, “may” and similar forward-looking terminology, involve significant risks, uncertainties and other factors, which may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements, and there can be no assurance that actual results will not differ materially from management's expectations. Such factors include, among others, the following: general economic and business conditions in the Company's markets, including economic, population health and political uncertainties; interest rates; the price, quality and availability of raw materials; the Company's ability to implement its business strategy, including the achievement of anticipated cost savings, profitability and growth targets; the impact of currency fluctuation or devaluation in the Company's principal foreign markets and the success of the Company's hedging and risk management strategies; the impact of possible pension funding obligations and increased pension expense on the Company's cash flow and results of operations; the effect of legal and regulatory proceedings, as well as restrictions imposed on the Company, its operations or its representatives by foreign governments; and the fact that the outcome of litigation is highly uncertain and unpredictable and there can be no assurance that the triers of fact or law, at either the trial level or at any appellate level, will accept the factual assertions, factual defenses or legal positions of the Company or its factual or expert witnesses in any such litigation. 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 or to reflect changes in expectations, assumptions or results.
Douglas J. Wetmore
Senior Vice President and Chief Financial Officer