IFF and ZoomEssence Announce Settlement of Lawsuit
June 23 2017 - 8:45AM
Business Wire
Regulatory News:
International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext
Paris:IFF) and ZoomEssence Inc. have mutually agreed to settle all
claims and counterclaims brought in a lawsuit in the United States
District Court for the District of New Jersey.
The parties agreed to dismiss their claims against one another,
with prejudice and without any admission of liability or wrongful
conduct, to avoid any further expense and disruption from the
litigation.
Under the settlement agreement, IFF will make a one-time payment
to ZoomEssence of $56 million and the parties will exchange full
mutual releases.
Meet IFF
International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext
Paris:IFF) is a leading innovator of sensorial experiences that
move the world. At the heart of our company, we are fueled by a
sense of discovery, constantly asking “what if?”. That passion for
exploration drives us to co-create unique products that consumers
taste, smell, or feel in fine fragrances and beauty, detergents and
household goods, as well as beloved foods and beverages. Our 7,400
team members globally take advantage of leading consumer insights,
research and development, creative expertise, and customer intimacy
to develop differentiated offerings for consumer products. Learn
more at www.iff.com, Twitter, Facebook, Instagram, and
LinkedIn.
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version on businesswire.com: http://www.businesswire.com/news/home/20170623005283/en/
International Flavors & Fragrances Inc.Michael DeVeau,
212-708-7164VP, Global Corporate Communications & Investor
RelationsMichael.DeVeau@iff.com
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