IFF Announces Clariant Has Agreed to Purchase IFF’s Cosmetic Ingredients Business Unit
30 Outubro 2023 - 2:00AM
Business Wire
IFF (NYSE: IFF) today announced that Clariant—a sustainably
focused specialty chemical company—has agreed to purchase IFF’s
Cosmetic Ingredients business unit for $810 million. Reporting
through IFF’s Scent division, IFF’s Cosmetic Ingredients business
unit develops, manufactures and markets innovative ingredients for
the cosmetic and personal care industry, including active
ingredients, functional ingredients and delivery systems, primarily
through the Lucas Meyer Cosmetics brand. Cash proceeds from the
proposed transaction—net of taxes and expenses—will be used to
reduce outstanding debt.
“Consistent with our announcement during our second-quarter
earnings, we are executing our portfolio optimization strategy to
strengthen our capital structure,” said IFF CEO Frank Clyburn.
“Aligned with our best-owner mindset, the proposed sale of our
Cosmetic Ingredients business to Clariant will allow us to focus on
our core businesses, maximizing growth and returns. We appreciate
the many contributions of our Cosmetic Ingredients colleagues who
have demonstrated their commitment to service, quality and
innovation. We are convinced that Clariant is the best owner for
the Cosmetic Ingredients business and with an ability to invest,
will offer the business and our colleagues a bright future.”
IFF’s Cosmetic Ingredients business unit includes the Lucas
Meyers Cosmetics and IBR brands and operates six research and
development and/or production sites globally. With about 195
employees, IFF’s Cosmetic Ingredients business unit has more than
2,900 customers in over 80 countries and generated approximately
$100 million in revenue in the last 12 months.
IFF and Clariant expect to close the transaction in the first
quarter of 2024, subject to applicable works council consultations
and customary closing conditions, including regulatory clearances.
Morgan Stanley & Co. LLC acted as financial advisor to IFF, and
Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel.
Cautionary Statement under the Private Securities Litigation
Reform Act of 1995
This press release contains “forward-looking statement” within
the meaning of the federal securities laws, including Section 27A
of the Securities Act, and Section 21E of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). Forward-looking
statements often address expected future business and financial
performance and financial condition, and often contain words such
as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,”
“see,” “will,” “would,” “target,” similar expressions, and
variations or negatives of these words. Forward-looking statements
by their nature address matters that are, to different degrees,
uncertain, such as statements about the transaction and the
expected timetable for completing the transaction. The
forward-looking statements included in this release are made only
as of the date hereof, and we undertake no obligation to update the
forward-looking statement to reflect subsequent events or
circumstances.
Welcome to IFF
At IFF (NYSE: IFF), an industry leader in food, beverage, scent,
health and biosciences, science and creativity meet to create
essential solutions for a better world – from global icons to
unexpected innovations and experiences. With the beauty of art and
the precision of science, we are an international collective of
thinkers who partners with customers to bring scents, tastes,
experiences, ingredients and solutions for products the world
craves. Together, we will do more good for people and planet. Learn
more at iff.com, Twitter, Facebook, Instagram, and LinkedIn.
© 2023 by International Flavors & Fragrances Inc. IFF is a
Registered Trademark. All Rights Reserved.
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Media Relations: Paulina Heinkel 332.877.5339
Media.request@iff.com Investor Relations: Michael Bender
212.708.7263 Investor.Relations@iff.com
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