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International Flavors & Fragrances Inc. (NYSE: IFF) today announced plans for the construction of a new specialty ingredients (aroma chemical) manufacturing plant in China. A groundbreaking ceremony for the $29 million plant was held on November 9.
Within the flavor and fragrance industry, IFF currently has the largest number of ingredient manufacturing locations in the world, with six dedicated plants on three continents. Yet despite IFF's consistent investment in and upgrade of its existing plants, demand for specialty and proprietary ingredients has grown at such a pace that management has made the decision to expand the Company's global production capacity.
Richard A. Goldstein, IFF's Chairman and Chief Executive Officer stated that, “The ingredients business is a key part of IFF's ongoing strategy. We have made dramatic investments in this part of the business and we are further affirming our commitment through the construction of this new facility in China. Expanding our ingredients production capacity will ensure that IFF continues to provide our customers not only with the high-quality IFF ingredients they have come to rely on, but with the cutting-edge fragrance molecules developed by our world-class R&D.”
The new plant will be located on a 16.9 hectare site within the Hangzhou Economic and Technological Development Area (HEDA), a Chinese national-level development area. HEDA is ideally located with excellent infrastructure, including transportation, communication, steam and electricity supply, industrial waste treatment facilities, customs, taxation, and banking services. It also offers an abundance of qualified personnel from the many surrounding universities and is close to key raw materials necessary for specialty ingredient production.
In addition, the Hangzhou-based plant will increase IFF's flexibility to reposition products to match demand or competitive situations and expand its base of technical expertise and capabilities. The plant will focus on the production of specialty ingredients and intermediates to satisfy global requirements and other products specifically for regional demand in Asia Pacific.
IFF has a long and successful history in China, including its existing ingredients facility in Xin'anjiang. The new plant in Hangzhou will further solidify IFF's position in the Asian market and allow the Company to meet growing customer demands in the region and throughout the world.
IFF is a 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 $1.9 billion. For more information, please visit our Web site at www.iff.com.
Vice President, Corporate Communications