International Flavors&Fragranc Stock Price, News & Analysis

Philippe Horvath, a distinguished molecular biologist and technical fellow at IFF, is inducted into the National Inventors Hall of Fame® Class of 2023 for his contributions to CRISPR technology. His patents have enhanced starter cultures in the dairy industry, significantly impacting global food supply and gene editing advancements. The ceremony will take place in October 2023 in Washington, D.C. IFF expresses pride in Horvath's achievements, highlighting the importance of scientific innovation and the ongoing fight against viral infections in food fermentation.

IFF (NYSE: IFF) announced the sale of its Savory Solutions Group to PAI Partners for approximately $900 million. The deal, expected to close in Q2 2023, aims to reduce IFF's outstanding debt. The Savory Solutions Group, which generated $475 million in revenue over the past year, serves more than 11,000 customers globally. CEO Frank Clyburn highlighted the transaction as a step to enhance shareholder value and focus on higher-return businesses. The sale values the business at roughly 14 times the last 12-month EBITDA.

IFF (NYSE: IFF) has appointed Sabrya Meflah as President of its Fine Fragrance business unit, effective immediately. Meflah, previously vice president and regional general manager for EMEA, succeeds Dionisio Ferenc. Under her leadership, IFF's Fine Fragrance segment has significantly outpaced market growth. Her strategic vision has been crucial in establishing IFF as a leader in this sector, along with the launch of the Atelier du Parfumeur in Grasse, enhancing its premium market position. She holds a master’s degree in Marketing and Communication.

IFF (NYSE: IFF) announced a quarterly cash dividend of $0.81 per share, payable on January 6, 2023, to shareholders of record as of December 28, 2022. This decision reflects the company's commitment to returning value to its shareholders while reinforcing its position as a leader in the food, beverage, scent, health, and biosciences industries. IFF aims to blend artistry with science to create innovative solutions that meet global needs.

MRM Health announced that its Type-2 Diabetes Program, developed with IFF, has reached preclinical development targets. This collaboration aims to innovate therapies for metabolic diseases. Since joining forces in 2020, both companies have focused on utilizing MRM's CORAL® platform and specific IFF strains to create new therapeutics. The gut microbiome's role in Type-2 diabetes and related conditions has led to further exploration of the NAFLD program, which has shown promise in delaying disease progression.

Nicolas Mirzayantz, president of IFF's Nourish division, will leave the company after over 34 years, effective December 31, 2022. CEO Frank Clyburn will temporarily lead the Nourish division until a replacement is appointed. During his tenure, Mirzayantz held key roles, including regional manager for North America and divisional CEO of Scent, enhancing IFF’s market position through significant mergers and acquisitions. He was pivotal in integrating DuPont’s Nutrition and Biosciences unit and championed sustainability initiatives within the company.

IFF (NYSE: IFF) previews its strategic transformation and new operating model aimed at driving profitable growth and ESG+ priorities. At the Investor Day on Dec. 7, 2022, management will present key initiatives, including $100 million in additional savings, targeting $350-$400 million in total annualized savings from 2023-2025. The company expects mid-single digit adjusted EBITDA growth for 2023 and aims for 4%-6% sales growth and 8%-10% adjusted EBITDA growth from 2024-2026. IFF plans to adapt its board and optimize its portfolio, with anticipated non-core divestitures of about $1.2 billion.

IFF (NYSE: IFF) announced research with UCAM showing that its AB-Fortis^® iron ingredient is better tolerated than traditional iron salts. The microencapsulated iron, derived from natural alginate, minimizes gastrointestinal discomfort and enhances absorption. This technology addresses common issues faced by users of iron supplements, especially vegetarians and vegans. A clinical study indicates significant tolerability advantages over ferrous sulfate, with fewer side effects. The ingredient's high iron content allows small dosages without affecting taste.

IFF has appointed Dennis Maroney as Master Perfumer, recognizing his 32-year career and significant contributions to the global perfumery industry. Maroney, IFF's ninth Master Perfumer, is acknowledged for his exceptional leadership and influence. Ceo Frank Clyburn highlighted Maroney's unique ability to merge science and creativity, creating iconic fragrances across beauty and home care products. His background includes roles at Kato and IFF’s predecessor. Maroney has won multiple Perfumer Choice Awards and served in leadership roles in industry organizations, further underscoring his impact in perfumery.