IFF Completes Divestiture of Flavor Specialty Ingredients Business

NEW YORK--(BUSINESS WIRE)--IFF (NYSE:IFF) today announced that it successfully completed the previously announced divestiture of its Flavor Specialty Ingredients (FSI) business to Exponent, a leading UK-based private equity firm, on August 1, 2023.

“The sale of our FSI business unit is another step in our journey to continuously maximize value,” said Frank Clyburn, IFF CEO. “Portfolio optimization is a central part of our ongoing strategy to improve growth and returns. This focus allows us to concentrate on our most attractive businesses and strengthen our capital structure by reducing outstanding debt. We’d like to thank our FSI colleagues for their demonstrated commitment to innovation, service and quality. We wish them the best for their new journey.”

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,” “continue,” “see,” “will,” “would,” “towards,” 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 our portfolio optimization and our growth. 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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