International Flavors&Fragranc Stock Price, News & Analysis

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.

IFF (NYSE: IFF) has announced its 2022 Investor Day presentation, scheduled for Wednesday, Dec. 7, 2022, at 1:00 p.m. ET. Investors can access the live webcast and slide presentation through the company's website at ir.iff.com. A recorded version will also be available for those unable to attend live. IFF is a leader in food, beverage, health, biosciences, and scent, combining science and creativity to deliver essential solutions.

IFF has announced a strategic partnership with Salus Optima to enter the personalized nutrition sector, targeting metabolic health issues affecting over 25% of adults globally. The collaboration aims to offer brand owners a digital platform populated with health-focused products while leveraging IFF's health-enabling ingredients. The platform will provide real-time consumer data and personalized suggestions via mobile and wearables, enhancing consumer engagement and brand value.

IFF reported Q3 2022 results, revealing consolidated sales of $3.06 billion, flat year-over-year. A significant goodwill impairment charge of $2.25 billion was recorded due to increased interest rates and lower business projections. Adjusted EBITDA reached $612 million, with an operating margin of 20%. EPS was reported at $(8.60), while adjusted EPS was $1.36. The company revised its full-year sales guidance to $12.4-$12.5 billion, down from $12.6-$13.0 billion, citing adverse foreign exchange impacts. Nonetheless, the firm anticipates a 9-10% growth in comparable currency neutral sales.

IFF has launched its innovative plant-based protein, SUPRO® TEX, aimed at enhancing the meat alternative market. This product mimics the texture of whole muscle meat with 80% soy protein and offers ease of production without significant capital investment or refrigerated supply chains. Market researchers predict a shift towards plant-based proteins, with consumer demand driven by health and ethical concerns. SUPRO® TEX enables manufacturers to create various meat-like textures and flavors, catering to a growing market interest in sustainable food options.