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International Flavors & Fragrances Inc. (NYSE: IFF) (“IFF” or “the Company”)

05/13/03
New York, New York, May 13, 2003 --- International Flavors & Fragrances Inc. (NYSE: IFF) (“IFF” or “the Company”) announced that it had reached an agreement to sell its New York headquarters building and to enter into a long-term lease with respect to the space it currently occupies (approximately 40% of the building). The transaction is expected to close in June 2003. Proceeds from the sale, expected to approximate $90 million, will be used to reduce short-term borrowings.

Richard A. Goldstein, Chairman and Chief Executive Officer of IFF, said, “I am pleased to announce this transaction. The proceeds from the sale will allow us to substantially reduce debt and to further improve our overall return on capital employed. Moreover, the long-term lease we will enter into affirms IFF's commitment to New York and to our many customers based here.”

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About IFF
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 34 countries worldwide and annual sales exceeding $1.8 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. Such forward-looking statements are based on management's reasonable current assumptions and expectations. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements, and there can be no assurance that actual results will not differ materially from management's expectations. Such factors include, among others, the following: general economic and business conditions in the Company's markets, including economic, population health and political uncertainties; interest rates; the price and availability of raw materials; the Company's ability to implement its business strategy, including the achievement of anticipated cost savings, profitability and growth targets; the impact of currency fluctuation or devaluation in the Company's principal foreign markets and the success of the Company's hedging and risk management strategies; the impact of possible pension funding obligations and increased pension expense on the Company's cash flow and results of operations; and the effect of legal and regulatory proceedings, as well as restrictions imposed on the Company, its operations or its Representatives by foreign governments. 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 or to reflect changes in expectations, assumptions or results.


Contact
Douglas J. Wetmore
Senior Vice President & Chief Financial Officer
212-708-7145
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