pf

2020 Leaderboard: IFF Generates Substantial Sales Growth

Contact Author
Close
Fill out my online form.

IFF's completed integration of Frutarom added to strong sales in 2019 of $5.1 billion, a 29% increase compared to the previous year.

 

IFF

New York, New York

2019 Sales: $5.1 billiona

Over the past year, IFF has generated substantial sales growth reaching $5.1 billion in sales, up 29% from $4 billion in 2018. Scent saw a 2% increase with total sales equaling $1.9 billion with taste holding steady at $1.7 billion.

With the completed integration of Frutarom, IFF saw remarkable division growth in full year sales totaling $1.5 billion up from $3.6 million in 2018. The division also completed the acquisition of a 70% majority stake in Leagel S.r.l. in March 2019.

Log in or Subscribe for FREE to read the full story.

Additional acquisitions by IFF included the Wiberg Corporation, The Additive Advantage and, most notably, an agreement with DuPont to merge with their Nutrition & Biosciences (N&B) division. The company is working to complete the merger by Q1 2021.

The company has also entered into partnership with Neptune Wellness Solutions to co-develop hemp-derived CBD products.

IFF has also expanded its Tastepoint by IFF portfolio and opened several new sites, including a global services center in Budapest, Hungary; the Center of Excellence for Food Service and Seasonings in Carrollton, Texas; and L’Atelier du Parfumeur, a creative perfumery lab that fosters collaboration between perfumers and customers, in Grasse, France.

IFF has made several internal updates in 2019, including the launch of its Vision 2021 strategy and an updated purpose and brand identity with matching mantra—”Uncommon Sense.” The new identity stands on three pillars—question everything, champion creators and do more good—which center creativity as well as the company’s commitment to sustainability.

As a result of that commitment, IFF was named to CDP's "A" lists for climate change and water security and has committed itself to the United Nations Business Ambition for 1.5°C pledge. In addition to the recognition it received from the CDP, IFF was also included on the Barron’s 100 Most Sustainable Companies List.

The company has made progress in converting its energy to renewable sources, especially solar energy as it recently opened the industry’s largest solar array at its Union Beach, New Jersey, site.

Footnotes:

aPer IFF's 2019 annual report.

Andreas Fibig

Chairman & CEO

To what would you attribute your company’s successes in 2019?

As always, it’s our people. Our success is a testament to our team’s focus, dedication and commitment to delivering strong results while executing our long-term strategy.

2019 was a transformational year for IFF as we continued to take important steps to redefine our industry, including our integration of Frutarom and recently announced combination with DuPont Nutrition & Biosciences. Importantly, we continued to achieve significant cost synergies from Frutarom, well ahead of our year-one targets, and captured solid year-one revenue synergies, demonstrating our broad operational strength.