IFF Announces Sale of French Fruit Preparations AssetsNew York, N.Y. October 29, 2004… International Flavors & Fragrances Inc. (NYSE: IFF) announced today that it had completed the sale of certain of the assets of its French fruit preparations business to Frutarom Industries Ltd. (“Frutarom”); Frutarom’s stock is traded on the Tel Aviv Stock Exchange (TLV: FRUT). IFF had previously announced the intended divestiture of its European fruit preparations business which manufactures processed fruit and other natural product preparations used in a wide variety of food products, including baked goods and dairy products. Sales of fruit preparations in 2003 approximated $90 million. In August this year, IFF sold its fruit preparations businesses in Germany and Switzerland to Frutarom, representing 70% of the European fruit preparations business. The French asset sale had been subject to consultations with the French employee works council, which have been completed. Proceeds from the sale of the European fruit preparations businesses, in total, approximate $40.0 million, including the assumption of certain liabilities. About IFF IFF has sales, manufacturing and creative facilities in 34 countries worldwide and annual sales exceeding $1.9 billion. For more information, please visit our Web site atwww.iff.com. Cautionary Statement Under The Private Securities Litigation Reform Act of 1995 |
Contact Douglas J. Wetmore Senior Vice President and Chief Financial Officer Phone: 212-708-7145 |
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