Regulatory News:
International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext
Paris:IFF), a leading innovator of sensory experiences that move
the world, today announced that it has entered into an agreement to
acquire David Michael & Company, Incorporated.
Founded in 1896, David Michael is a privately-held flavors
company headquartered in Philadelphia, PA. The Company is
well-known in the industry for its vanilla expertise, strength in
the Dairy and Beverage categories, and relationships with dynamic,
faster-growing middle-market customers.
“This bolt-on acquisition of David Michael is another important
milestone in IFF’s Vision 2020 business strategy, helping us to win
where we compete in the world’s largest flavors market as we look
to further accelerate growth,” said IFF Chairman and CEO Andreas
Fibig. “IFF and David Michael share a strong commitment to
innovation, rich histories, and a passion for our customers, making
them a great addition to our organization.”
Matthias Haeni, Group President, Flavors added, “For three
generations, David Michael has been a vital player in the industry,
building an outstanding portfolio of capabilities and customer
relationships. Merging and leveraging the strengths of both
IFF-Ottens Flavors, acquired in 2015, and David Michael, we look to
further reinforce our differentiated service model in the US for
middle-market customers, focused on innovation, agility, and
enhanced collaboration. The unique go-to-market platform is fueled
by technologies that spark the senses and transform the everyday.
We look forward to welcoming David Michael into the IFF
family.”
The transaction, funded from existing resources, is expected to
add approximately $85 million in revenue in 2017. Financial terms
of the deal have not been disclosed.
The completion of this transaction is subject to clearance by
the relevant regulatory authorities and satisfaction of other
customary closing conditions. Until the transaction closes, which
is expected to occur in the fourth quarter of 2016, David Michael
and IFF will operate as separate companies.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements regarding IFF’s expected future financial
position, results of operations, cash flows, financing plans,
business strategy, budgets, capital expenditures, competitive
positions, growth opportunities, plans and objectives of management
and statements containing the words such as “anticipate,”
“approximate,” “believe,” “plan,” “estimate,” “expect,” “project,”
“could,” “should,” “will,” “intend,” “may” and other similar
expressions, are forward-looking statements. Statements in this
press release concerning IFF’s business outlook or future economic
performance, anticipated profitability, revenues, expenses or other
financial items, and product or services line growth, together with
other statements that are not historical facts, are forward-looking
statements that are estimates reflecting the best judgment of IFF
based upon currently available information. Such forward-looking
statements are inherently uncertain, and stockholders and other
potential investors must recognize that actual results may differ
materially from IFF’s expectations as a result of a variety of
factors, including, without limitation, those discussed below. Such
forward-looking statements are inherently uncertain, and
stockholders and other potential investors must recognize that
actual results may differ materially from IFF’s expectations as a
result of a variety of factors, including, without limitation,
those discussed below. Such forward-looking statements are based
upon management’s current expectations and include known and
unknown risks, uncertainties and other factors, many of which IFF
is unable to predict or control, that may cause IFF’s actual
results, performance or plans to differ materially from any future
results, performance or plans expressed or implied by such
forward-looking statements. These statements involve risks,
uncertainties and other factors discussed below and detailed from
time to time in IFF’s filings with the Securities and Exchange
Commission.
Risks and uncertainties related to IFF’s acquisition of David
Michael include, but are not limited to, uncertainties as to
whether the acquisition will have the accretive effect on IFF’s
earnings or cash flows that it expects, the inability to obtain, or
delays in obtaining, cost savings and synergies from the
acquisition, costs and difficulties related to the integration of
David Michael’s businesses and operations with IFF businesses and
operations, unexpected costs, liabilities, charges or expenses
resulting from the acquisition, adverse effects on IFF’s stock
price resulting from the acquisition, the inability to retain key
personnel, and potential adverse reactions, changes to business
relationships or competitive responses resulting from the
acquisition.
In addition to the factors set forth above, other factors that
may affect IFF’s plans, results or stock price are set forth in
IFF’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K.
Many of these factors are beyond IFF’s control and IFF cautions
investors that any forward-looking statements made by IFF are not
guarantees of future performance. IFF disclaims any obligation to
update any such factors or to announce publicly the results of any
revisions to any of the forward-looking statements to reflect
future events or developments.
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 6,700 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/20160913005991/en/
International Flavors & Fragrances Inc.Michael DeVeau,
212-708-7164VP, Global Corporate Communications & Investor
RelationsMichael.DeVeau@iff.com
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