IFF to Share Vision 2020 at Investor Meeting
“The cornerstone of Vision 2020 is our new purpose statement, ‘We are the catalyst for discoveries that spark the senses and transform the everyday,’” said Andreas Fibig, Chairman and CEO. “Building on our legacy of pioneering firsts, we believe that our strategy will help us build differentiation and accelerate growth for all our stakeholders.”
The Company’s strategy is built on four pillars and supported by three enablers.
Win Where We Compete
“We aim to be #1 or #2 with key customers and in strategic categories
and regions. To succeed, we must all be explorers, constantly pushing
each other to take smart risks. This mindset, courage, and drive for the
future is critical to IFF’s Vision 2020 and our team is ready.”
Innovating Firsts
“Whether it’s being first-to-market with a revolutionary fragrance in
response to a pressing consumer demand, cracking the code on a
customer’s need for a breakthrough flavor, or rethinking supply chain
processes that save time and support sustainability, we work together,
leveraging a passionate team and robust intellectual property to deliver
innovative “firsts” to our customers the world over.”
Become Our Customers’ Partner of Choice
“Nothing succeeds like exceptional partnerships, especially in the
current environment. Our customers will gain additional access and
leverage the full breadth of the added value we bring to them, including
industry-leading consumer insights, robust innovation pipeline, the
highest level of service and impeccable quality. We will bring them our
best.”
Strengthen and Expand the Portfolio
“The boundaries of our industry are blurring and expanding, and we touch lives in a myriad of ways. By building on our core strengths and through strategic acquisitions, partnerships and collaborations, we will grow our market share and deliver exceptional and multifaceted solutions to our partners.” Rich O’Leary, Interim CFO
The three enablers to the strategy include
Financial Guidance
The Company is also announcing its long-term financial targets for
2016-2020. These include 4-6% currency neutral sales growth, 7-9%
currency neutral operating profit growth, and 10% currency neutral EPS
growth. In addition, the Company is targeting
The Company will also provide commentary on the second quarter 2015, where it expects currency neutral sales growth to be about 5% including approximately one point impact from Ottens Flavors. In addition, the Company expects adjusted operating profit in the second quarter to be up 6 to 8% on a currency neutral basis and flat to down low single-digits on a reported basis. For the full year 2015, the Company expects currency neutral sales to be in line with its long-term target and expects adjusted operating profit and adjusted EPS to be at the low-end of its long-term range, on a currency neutral basis.
“Over the past five years, IFF’s strategy has served us well, putting key fundamentals and a disciplined approach in place,” continued Mr. Fibig. “Vision 2020 is a natural evolution and the logical next step that will provide the fuel we need to accelerate our growth and increase differentiation. We are here to lead where we compete. We believe our strong financial foundation, expansion in key markets and investment in innovation will redefine winning and lead to sustainable, profitable growth at IFF.”
The live webcast of today’s meeting and accompanying presentation
materials, as well as the U.S. Generally Accepted Accounting Principles
(U.S. GAAP) reconciliation, can be accessed by visiting the Investor
Relations section of www.iff.com.
The meeting will begin at
Cautionary Statement Under The Private Securities Litigation Reform Act of 1995
This press release includes “forward-looking statements” under the
Federal Private Securities Litigation Reform Act of 1995, including
statements regarding our outlook for the second quarter and full year
2015, and our ability to generate shareholder returns and sustain our
long-term growth performance. These forward-looking statements are
qualified in their entirety by cautionary statements and risk factor
disclosures contained in the Company’s
About
View source version on businesswire.com: http://www.businesswire.com/news/home/20150602006817/en/
Source:
International Flavors & Fragrances Inc.
Michael DeVeau,
212-708-7164
VP, Global Corporate Communications & Investor
Relations