International Flavors&Fragranc Stock Price, News & Analysis

IFF (NYSE: IFF) announced a quarterly cash dividend of $0.79 per share, payable on January 7, 2022, to shareholders on record as of December 28, 2021. This declaration reflects the company's commitment to returning value to its shareholders while continuing to innovate in the food, beverage, scent, and biosciences sectors. As an industry leader, IFF combines science and creativity to deliver high-quality solutions.

Cabot Corporation (NYSE: CBT) has signed a Memorandum of Understanding (MOU) with IFF Health and Biosciences to develop and commercialize sustainable reinforcing additives for rubber products. This collaboration aims to reduce greenhouse gas emissions and increase renewable bio-based content in rubber applications. Utilizing IFF’s Nuvolve™ engineered polysaccharide, developed from European sugar beets, Cabot will lead the project, integrating it with its reinforcing carbons. This partnership aligns with Cabot's commitment to sustainability and innovation in the rubber industry.

IFF announced a substantial investment of $87 million to expand its flavors manufacturing facility in Karawang, Indonesia. This facility, the largest in Greater Asia, enhances IFF's capabilities to meet the growing demand for flavor technology. The 12,800m² state-of-the-art facility focuses on efficiency, sustainability, and quality control, contributing to IFF's strategy of targeting emerging markets in Asia. With this investment, IFF aims to capitalize on the significant growth potential in the region, expected to account for half of global consumption growth in the next decade.

International Flavors & Fragrances (IFF) reported strong financial results for Q3 2021, achieving double-digit sales growth for the second consecutive quarter. Reported net sales reached $3.1 billion, a 142% increase year-over-year, driven by the merger with Nutrition & Biosciences. Adjusted operating EBITDA rose 135% to $648 million. However, macro supply chain challenges have impacted profitability margins, with an updated guidance for 2021 sales of approximately $11.55 billion and adjusted operating EBITDA margin at 21.0%.

IFF (NYSE:IFF) will release its third quarter earnings on November 8, 2021, after market close. A live webcast to discuss results will occur on November 9, 2021, at 10:00 a.m. ET. Investors can access the webcast and slides on the Company's website, with a recorded version available for later viewing. IFF focuses on creating essential solutions in food, beverage, scent, health, and biosciences, aiming to enhance human experiences and sustainability.

Andreas Fibig, CEO and Chairman of IFF, will retire after a decade with the company. The Board is currently evaluating successors and expects to announce a new CEO by early 2022. Fibig noted IFF's strong sales growth and successful integration of Nutrition & Biosciences, expressing pride in transforming the company into a sustainability leader. His retirement marks a significant transition, but he will assist in the handover process. IFF aims to continue driving long-term value for stakeholders while navigating the ongoing challenges of the market.

IFF (NYSE: IFF) has appointed Glenn Richter as Executive Vice President and Chief Financial Officer, effective September 27, 2021. Richter, formerly CFO at TIAA, succeeds Rustom Jilla. IFF has updated its financial guidance for 2021, projecting sales growth exceeding 8% to around $11.55 billion, with a third-quarter double-digit growth outlook. However, adjusted operating EBITDA margin is revised to approximately 21.5%, reflecting inflationary pressures on costs. The company emphasizes confidence in addressing these challenges while enhancing shareholder value.

On September 9, 2021, IFF (NYSE: IFF) will host a virtual fireside chat featuring Chairman & CEO Andreas Fibig and President of Nourish Nicolas Mirzayantz at 12 pm ET during the Barclays 2021 Global Consumer Staples Conference. Investors can access the live webcast and presentation slides on the company's website, with a replay available afterward. IFF is recognized for its innovative contributions across industries, including food, beverage, scent, health, and biosciences, and aims to create sustainable solutions that benefit both people and the planet.

IFF has entered into a $1.3 billion agreement to sell its Microbial Control business unit to LANXESS. The proceeds will primarily be used to reduce outstanding debt, enhancing IFF’s financial profile. The Microbial Control unit generated approximately $440 million in annual revenue and $85 million in EBITDA in 2021, focusing on preservation and hygiene solutions across various industries. IFF aims for a seamless transition, expecting the deal to close in the second quarter of 2022, subject to regulatory approvals.