IFF To Sell Savory Solutions Group To PAI Partners For $900 Mln

(RTTNews) - International Flavors And Fragrances Inc.(IFF), a maker of flavors, fragrances, and cosmetics, said on Tuesday that it has signed a deal to sell its Savory Solutions Group, to PAI Partners, a privately held equity firm with a focus on the food and consumer industry, for around $900 million.

The transaction is expected to close in the second quarter of 2023.

Savory Solutions had recorded revenue of around $475 million over the last one year.

IFF's Savory Solutions Group focuses primarily on ingredients for prepared foods and foodservice.

The business operates its several units in Austria, Germany, Italy, Ireland, Poland, Canada, Mexico, and Thailand.