IFF Announces Global Price Increases Across All Divisions
NEW YORK — March 17, 2022 — IFF (NYSE: IFF) today announced that it is implementing broad-based pricing actions across all four divisions – Nourish, Health & Biosciences, Scent, and Pharma Solutions. The immediate need for these price increases is driven by the continued and significant escalation of raw material, energy and logistics costs as a result of the current geopolitical climate.
Pricing actions will vary by business and be driven by specific product cost increases. These actions will include more frequent pricing reviews – dynamic pricing – to ensure IFF product reflects current market realities.
Actions on specific accounts will be communicated by the respective account managers.
Cautionary Statement under the Private Securities Litigation Reform Act of 1995
This press release contains “forward-looking statement” within the meaning of the federal securities laws, including Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the proposed transaction and the expected timetable for completing the proposed transaction. The forward-looking statements included in this release are made only as of the date hereof, and we undertake no obligation to update the forward-looking statement to reflect subsequent events or circumstances.
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