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IFF to Explore Strategic Alternatives for European Fruit and Vegetable Preparation Business

10/25/01

NEW YORK--(BUSINESS WIRE)--Oct. 25, 2001--International Flavors & Fragrances Inc. (NYSE: IFF) announced today that management is exploring strategic alternatives for its fruit and vegetable preparation business in Europe and has engaged Credit Suisse First Boston to assist in this process.

This business manufactures processed fruit and other natural product preparations that are used in a wide variety of food products, including baked goods and dairy products. Annual sales are approximately $70 million.

IFF is the world's 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 42 countries worldwide and approximate annual revenues of $1.9 billion. 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 release which are not historical facts or information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to risks and uncertainties that could cause IFF's actual results to differ materially from those expressed or implied by such forward-looking statements. Risks and uncertainties with respect to IFF's business include general economic and business conditions, interest rates, the price and availability of raw materials, and political and economic uncertainties, including the fluctuation or devaluation of currencies in countries in which IFF does business. 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.

--30--ck/ny*

CONTACT: International Flavors & Fragrances Inc., New York
Douglas J. Wetmore, 212/708-7145


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