IFF to Acquire David Michael to Strengthen North American Flavors Business
Founded in 1896, David Michael is a privately-held flavors company
headquartered in
“This bolt-on acquisition of David Michael is another important
milestone in IFF’s Vision 2020 business strategy, helping us to win
where we compete in the world’s largest flavors market as we look to
further accelerate growth,” said IFF Chairman and CEO
The transaction, funded from existing resources, is expected to add
approximately
The completion of this transaction is subject to clearance by the relevant regulatory authorities and satisfaction of other customary closing conditions. Until the transaction closes, which is expected to occur in the fourth quarter of 2016, David Michael and IFF will operate as separate companies.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements regarding IFF’s expected future financial position, results
of operations, cash flows, financing plans, business strategy, budgets,
capital expenditures, competitive positions, growth opportunities, plans
and objectives of management and statements containing the words such as
“anticipate,” “approximate,” “believe,” “plan,” “estimate,” “expect,”
“project,” “could,” “should,” “will,” “intend,” “may” and other similar
expressions, are forward-looking statements. Statements in this press
release concerning IFF’s business outlook or future economic
performance, anticipated profitability, revenues, expenses or other
financial items, and product or services line growth, together with
other statements that are not historical facts, are forward-looking
statements that are estimates reflecting the best judgment of IFF based
upon currently available information. Such forward-looking statements
are inherently uncertain, and stockholders and other potential investors
must recognize that actual results may differ materially from IFF’s
expectations as a result of a variety of factors, including, without
limitation, those discussed below. Such forward-looking statements are
inherently uncertain, and stockholders and other potential investors
must recognize that actual results may differ materially from IFF’s
expectations as a result of a variety of factors, including, without
limitation, those discussed below. Such forward-looking statements are
based upon management’s current expectations and include known and
unknown risks, uncertainties and other factors, many of which IFF is
unable to predict or control, that may cause IFF’s actual results,
performance or plans to differ materially from any future results,
performance or plans expressed or implied by such forward-looking
statements. These statements involve risks, uncertainties and other
factors discussed below and detailed from time to time in IFF’s filings
with the
Risks and uncertainties related to IFF’s acquisition of David Michael include, but are not limited to, uncertainties as to whether the acquisition will have the accretive effect on IFF’s earnings or cash flows that it expects, the inability to obtain, or delays in obtaining, cost savings and synergies from the acquisition, costs and difficulties related to the integration of David Michael’s businesses and operations with IFF businesses and operations, unexpected costs, liabilities, charges or expenses resulting from the acquisition, adverse effects on IFF’s stock price resulting from the acquisition, the inability to retain key personnel, and potential adverse reactions, changes to business relationships or competitive responses resulting from the acquisition.
In addition to the factors set forth above, other factors that may affect IFF’s plans, results or stock price are set forth in IFF’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Many of these factors are beyond IFF’s control and IFF cautions investors that any forward-looking statements made by IFF are not guarantees of future performance. IFF disclaims any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
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Source:
International Flavors & Fragrances Inc.
Michael DeVeau,
212-708-7164
VP, Global Corporate Communications & Investor
Relations
Michael.DeVeau@iff.com