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International Flavors & Fragrances Inc. (NYSE: IFF) (“IFF” or “the Company”), announced today an increased quarterly dividend.
The Company also announced that its Board of Directors had authorized a new $300 million share repurchase program which is expected to be completed over the next 18 – 24 months; an existing $200 million authorization, in effect since May 2005, is nearly complete. At the current market price, the new program would enable the repurchase of approximately 7.5 million shares or 8% of shares currently outstanding. The purchases will be made from time to time on the open market or through private transactions as market and business conditions warrant.
Robert M. Amen, IFF's Chairman and Chief Executive Officer stated, “I am pleased with the progress our businesses are delivering. We're confident in our growth prospects and our ability to build shareholder value. The Company's operating results and strong cash flows enable us to invest in our people and capabilities to meet the needs of our customer, while at the same time returning funds to our shareholders. We are committed to serving the needs of our shareholders, customers and colleagues.”
IFF is a 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 30 countries worldwide. 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 report, 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. Certain of such forward-looking information may be identified by such terms as "expect", "believe", "may", "outlook", "guidance" and similar terms or variations thereof. All information concerning future revenues, tax rates or benefits, interest savings, earnings and other future financial results or financial position, constitutes forward-looking information. Such forward-looking statements involve significant risks, uncertainties and other factors. Actual results of the Company may differ materially from any future results expressed or implied by such forward-looking statements. 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 outcome of uncertainties related to litigation; uncertainties related to any potential claims and rights of indemnification or other recovery for customer and consumer reaction to its earlier contamination issue; the impact of possible pension funding obligations and increased pension expense on the Company's cash flow and results of operations; and the effect of legal and regulatory proceedings, as well as restrictions imposed on the Company, its operations or its representatives by foreign governments. 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.