NEW YORK--(BUSINESS WIRE)--Dec. 13, 2013--
International Flavors & Fragrances Inc. (NYSE: IFF), a leading global
creator of flavors and fragrances for consumer products, today announced
that it plans to invest over $50 million in its flavors operations in
Jakarta, Indonesia. The investment will include a new state-of-the-art
creative center on the existing site that will primarily support
customers in Indonesia and is expected to be completed by the fourth
quarter of 2014. Additionally, the Company will build a new
manufacturing facility in a nearby site to expand capacity and better
serve global and regional customers in the growing ASEAN region. This
facility is expected to be operational in the second half of 2015. This
investment is consistent with IFF’s strategy to capture the growth
potential of the emerging markets.
Doug Tough, Chairman and CEO of IFF, said, “The ASEAN markets include
600 million consumers and roughly 240 million are located in Indonesia.
Our increased investment in Indonesia strengthens our ongoing strategy
to expand our geographic reach and create infrastructure to serve
emerging markets, especially those enjoying dynamic growth rates and
demographics. IFF has had a long-standing presence in Indonesia, and
this additional investment in expanded capacity reflects our long-term
commitment to the region.”
Ed Alejandrino, Vice President and Regional General Manager Flavors,
Greater Asia, said, “With this investment, we are putting in place the
creative talent and manufacturing capacity to support our customers in
the region more fully as they seek to develop and further differentiate
their products and brands. Over the past few years, we have made several
large investments in new manufacturing capacity in the Greater Asia
region, reflecting our long-term commitment to support customers’ growth
and success in the region.”
The Company has made several large investments to support the developing
markets over the last few years. This includes the opening of a liquid
flavors and fragrances manufacturing facility in Singapore; the
construction of a new flavors creative center and expansion of the
existing manufacturing site in Gebze, Turkey; and the construction of a
new dedicated flavors plant in Guangzhou, China. In addition, the
Company opened new creative and technical facilities in Delhi, India; in
Guangzhou, Beijing and Chengdu, China, and in Dubai, UAE.
About IFF
International Flavors & Fragrances
Inc. (NYSE: IFF) is a leading global creator of flavors and fragrances
used in a wide variety of consumer products. Consumers experience these
unique scents and tastes in fine fragrances and beauty care, detergents
and household goods, as well as beverages, sweet goods and food
products. The Company leverages its competitive advantages of consumer
insight, research and development, creative expertise, and customer
intimacy to provide customers with innovative and differentiated product
offerings. A member of the S&P 500 Index, IFF has more than 5,800
employees working in 32 countries worldwide. For more information,
please visit our website at www.iff.com.
Forward-Looking Statements
This press release
contains forward-looking statements under the Federal Private Securities
Litigation Reform Act of 1995, which are often identified by words like
“believe,” “assume,” “expect,” “should” or similar expressions, and
includes statements regarding our expectations with respect to (i) the
timing and amount of the investment in the Indonesia facility, (ii) the
dates by which the Indonesian creative center will open and when the
manufacturing expansion will be completed and (iii) the benefits to us
and our customers of the added manufacturing capacity and new creative
center. These forward-looking statements are qualified in their entirety
by cautionary statements and risk factor disclosures contained in IFF’s
filings with the U.S. Securities and Exchange Commission, including its
Annual Report on Form 10-K filed with the Commission on February 26,
2013. We wish to caution readers that certain important factors could
cause actual results to differ materially from those expressed in any
forward-looking statements made in this press release, including (1) the
timing of, and ability to receive, regulatory and other third party
approvals necessary for the manufacturing expansion and the opening of
the new Indonesian creative center, (2) the ability to complete these
projects within the anticipated budgets and (3) the economic climate in
the ASEAN markets and future customer demand in the ASEAN markets for
IFF’s products.
Source: International Flavors & Fragrances Inc.
International Flavors & Fragrances Inc.
Investor Relations:
Shelley
Young, 212-708-7271
Director, Investor Relations
or
Media
Inquiries:
Micaela Mordkowski, 212-708-7211
Manager, Flavors
Communications
