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IFF Provides Update on Frutarom Merger

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International Flavors & Fragrances Inc. (IFF) has offered an update on its combination with Frutarom.

Chairman and CEO Andreas Fibig and Richard O’Leary, executive vice president and CFO, presented at the Barclays Global Consumer Staples Conference.

Talking points included:

  • How the combination will enrich IFF’s portfolio through stronger product offerings and increased exposure to customers
  • Anticipated accelerated financial growth, including increased average sales growths targets—to 5-7%--on a currency neutral and pro-forma basis for 2019-2021.
  • The strong progress towards competition, including approval from Frutarom shareholders and an anticipated early October close

“The combination of IFF and Frutarom is truly unique and compelling as it positions us as a global leader in taste, scent and nutrition,” said Fibig. “We are excited that this enables us to have a stronger product offering, greater exposure to fast-growing customers and broader access to attractive adjacencies. We believe this will translate into accelerated financial performance as a combined company, with robust top and bottom-line growth.”

He added: “We have made significant progress planning for the integration of our two companies, and our accelerated timeline to close this transaction in early October, pending all remaining antitrust approvals, is a true testament to the hard work and integration planning efforts underway. On this strong foundation, we believe that we will unlock significant long-term value for our shareholders.”

Related: 2018 Leaderboard: IFF Set for Expansion