International Flavors & Fragrances

International Flavors & Fragrances, Inc.
IFF
Traded as NYSE: IFF
S&P 500 Component
Industry Specialty chemicals
Research and development
Predecessors Polak & Schwarz (focused on flavoring)
van Ameringen & Co. (focused on fragrances)
Founded 1958 (1958)
Founders Joseph Polak & Leopold Schwarz
A.L. van Ameringen
Headquarters New York City, United States
Number of locations
 29 production and sales facilities (2014)
Area served
 Worldwide
Key people
 Andreas Fibig, CEO
Richard O’Leary, CFO
Products Flavoring and fragrances for food, beverages and cosmetics
Revenue Increase$3.08 billion (2014[1])
Increase$592 Million (2014[1])
Profit Increase$414 million (2014[1])
Total assets Increase$3.49 billion (2014[1])
Total equity Increase$1.52 billion (2014[1])
Number of employees
 6,200+ (2014)
Website www.iff.com

International Flavors & Fragrances is an American corporation[2][3][4]. It is a major producer of flavors and fragrances which it markets globally. It is headquartered in New York City and has creative, sales, and manufacturing facilities in 29 different countries and is a member of the S&P 500 Index.

History

International Flavors & Fragrances was formed in 1958 by the merger between Polak & Schwarz (P&S) and van Ameringen-Haebler. Polak & Schwarz was founded in 1889 by Leopold Schwarz, who had an interest in spices, flavors and fragrances, and his brother-in-law, Joseph Polak in the small Dutch town of Zutphen. P&S quickly grew to 36 sites globally. Arnold Louis (A.L.) van Ameringen was hired by Polak & Schwarz to open P&S's US office in 1917 before losing his job with them. Relieved of his duties, he opened van Ameringen & Co. at 13 Gold Street in Manhattan, took over Morana, Inc. in 1920, and became van Ameringen-Haebler (VAH) in 1929. van Ameringen is credited with suggesting to bar soap and detergent manufacturers that they scent their products to boost sales.

The two companies did well through the bulk of the 20th century, despite difficulties for P&S during World War II. While both companies managed flavors and fragrances, Polak & Schwarz had particular strengths in flavors and van Ameringen-Haebler built a powerful reputation in fragrances. In 1958, the two companies announced their merger to become International Flavors & Fragrances Inc. IFF was listed on the New York Stock Exchange in 1964.

In 2000, IFF acquired Bush Boake Allen with its complementary products, technologies,and presence in key markets, making IFF the largest flavor and fragrance house in the world for several years. In 2014 IFF acquired Aromor.

IFF has creative, sales, and manufacturing facilities in 29 different countries and is a member of the S&P 500 Index. IFF is a $7 billion market capital company[5] with a global footprint that generated over 75 percent of its 2010 sales outside the United States and 45 percent in the emerging markets.

In 2016, IFF announced that it completed the acquisition of David Michael & Company of Philadelphia.

Controversy

IFF has been involved in several lawsuits relating to cases of bronchiolitis obliterans allegedly resulting from exposure to diacetyl in butter flavorings by workers at the Gilster-Mary Lee popcorn plant in Jasper, Missouri. The plaintiffs claim the manufacturers knew about the dangers of the butter flavoring used in the popcorn factory but failed to give a warning. The defendants said they were unaware of the risk and suggested there was not enough evidence to prove their product had caused the disease. Several suits have already been settled amounting to almost $53 million in damages.[6]

See also

References

  1. 1 2 3 4 5 "IFF: KEY FINANCIAL DATA". NYSE. Retrieved 4 May 2015.
  2. ↑ http://www.iff.com/contact-us
  3. ↑ http://www.iff.com/company
  4. ↑ http://www.iff.com/company/who-we-are
  5. ↑ "NYSE, New York Stock Exchange > Listings > Listings Directory". nyse.com. 2013. Retrieved January 10, 2014.
  6. ↑ "IFF fined €12m in popcorn flavour case". Food Navigator. 7 September 2005. Retrieved 4 May 2015.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.