INTERNATIONAL FLAVORS & FRAGRANCES (IFF) Stocks
ABOUT INTERNATIONAL FLAVORS & FRAGRANCES
📊 International Flavors & Fragrances Inc. is an American public company that creates, manufactures and supplies flavors and fragrances for various industries around the globe. These industries include personal care, food, beverage and household products.
📊 Its products are individual ingredients as well as compounds that are mixed and reacted together to form various formulas. The company has 110 manufacturing facilities and 100 laboratories in 35 countries.
📊 Its history dates back to 1958 and it is headquartered in New York City. Today the company has approximately 7 300 employees. International Flavors & Fragrances Inc.’s subsidiaries include Frutarom. David Michael & Co., P.T. Essence Indonesia, Wiberg Corporation Inc. and Bush Boake Allan Inc.
HISTORY OF INTERNATIONAL FLAVORS & FRAGRANCES
- In 1958 International Flavors & Fragrances is formed when Polak & Schwarz and van Ameringen-Haebler merge. Polak & Schwarz specialized in flavors while van Ameringen-Haebler specialized in fragrances. In 1964 the company is listed on the New York Stock Exchange. In 2015 it is cross listed to the Euronext Paris Market which makes it the first US-listed company using the Euronext Paris Fast Path route.
- In conjunction with the Monell Foundation, the company establishes the Monell Chemical Senses Center in 1968. This center researches smell and taste. In 1985 IFF changes the way perfumes are created when one of its scientists, Dr. Braja D Mookherjee, creates the Living Flower technology. In 1990 the company starts building its R & D facility in New Jersey with a 5 000 square foot botanical garden and greenhouse. One of the plants cultivated in the facility is a miniature rose called “Overnight Scentsation”. This rose is also known as the “Space Rose” and is cultivated for space experiments. It is taken on board the shuttle Discovery in 1998 and this experiment shows that low gravity critically alters the rose’s fragrance. The IFF and Shisheido later commercialize it.
- The company buys French Laboratoire Monique Remy based in Grasse, in 2000 – forming IFF LMR Naturals. This acquisition strengthens the company’s development and use of natural and raw ingredients for the production of flavors and fragrances. In the same year the company buys Bush Boake Allen which produces complementary products. This acquisition makes IFF the biggest fragrance and flavour house in the world for many years.
- In 2014 the company buys Aromor Flavors and Fragrances Ltd. and the following year it buys Ottens Flavors. IFF also buys Lucas Meyer Cosmetics in 2015. In 2016 it buys David Michael & Company. The company buys Frutarom for $7.1 billion in 2018. Kirsten, Finn and Jorn Rausing become IFF’s top shareholders between 2016 and 2018, buying almost 20% of its shares via entities in Liechtenstein and Singapore.
VISION & VALUES OF INTERNATIONAL FLAVORS & FRAGRANCES
- Since 2012 IFF has adopted the 12 Principles of Green Chemistry for its products as the company believes in sustainability. In 2014 the company opens a 4 000 kilowatt Photovoltaic Solar Installation in New Jersey – supplying around 40% of its electricity needs for its facilities in this area.
- This project makes IFF a renewable energy leader in its sector. IFF has received numerous awards for its involvement in sustainability and involvement in local communities.
MARKET PERFORMANCE OF INTERNATIONAL FLAVORS & FRAGRANCES
- International Flavors & Fragrances Inc. trades on the New York Stock Exchange under the NYSE stock symbol “IFF”. It is an S&P 500 component.
- The company’s second quarter ended June 30, 2019 Consolidated Financial Results reports net sales of $1.3 billion, a 40% increase from $920 million in 2018 – including the contribution of sales related to Frutarom.