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IFF Announces $750 Million Share Repurchase Program and Increases Dividend by 10 Percent
(Logo: http://www.newscom.com/cgi-bin/prnh/20070419/NYTH025LOGO )
"IFF has a track record of returning cash to shareholders in the form of share repurchases and dividends. Today's announcement reinforces our commitment to growing our business, delivering on our financial goals and building shareholder value," said Robert M. Amen, Chairman and Chief Executive Officer of IFF.
This buyback authorization permits IFF to effect the repurchases over the next two years through a combination of open market and privately negotiated transactions. A significant portion of the buyback will be completed through an accelerated share repurchase program, which IFF intends to execute this year. This new authorization replaces the Company's existing $300 million repurchase authority, which is 60 percent completed. Funding for the new program will be from existing operating cash flow and incremental borrowings.
This dividend increase follows a 14 percent increase to the Company's dividend that was announced in the fourth quarter of 2006. IFF's current policy is to pay an annual dividend in the range of 30 percent - 35 percent of earnings.
Forward Looking Statements
This press release contains certain forward-looking statements (including those relating to accelerated share repurchase transactions, the share repurchase program and the timing and occurrence of events relating to such repurchases) that are subject to risks and uncertainties that could cause actual results to differ materially (including factors relating to market conditions and stock prices). For these statements, the Company claims the protection of the Private Securities Litigation Reform Act of 1995. The Company strongly recommends that you become familiar with the specific risks and uncertainties outlined under the captions "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2006.
About International Flavors & Fragrances Inc.
IFF is a leading 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, confectionary 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 30 countries worldwide. For more information, please visit our Web site at www.iff.com.
SOURCE International Flavors and Fragrances Inc.
Investors, Yvette Rudich, +1-212-708-7164, firstname.lastname@example.org, or Media, Melissa Sachs, +1-212-708-7278, email@example.com, both of International Flavors and Fragrances Inc.