IFF To Sell Flavor Specialty Ingredients Business For $220 Mln Cash

(RTTNews) - International Flavors & Fragrances Inc. (IFF), a maker of flavors, fragrances, and cosmetic actives, said on Thursday that it has inked a deal to sell its Flavor Specialty Ingredients or FSI business, to Exponent, a British private equity firm, for $220 million in cash.

The deal, scheduled to be closed by the end of third-quarter, is intended to reduce IFF's outstanding debt.

Frank Clyburn, CEO of IFF, said: "…The sale of FSI will improve our capital structure while allowing us to focus on our core businesses to enhance growth and returns."

Flavor Specialty Ingredients business has posted more than $100 million in revenue over the last 12 months. It has four dedicated manufacturing and distribution facilities in the U.S., UK, and China, with additional points of distribution in Mexico, Brazil, and Hong Kong.

FSI is a maker of specialty base aromas with a broad range of over 1,000 aroma chemicals and natural extracts, which provide inputs primarily to the flavor market.