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International Flavors & Fragrances Inc. (IFF) is a leading creator and manufacturer of a diverse range of products used in consumer goods . The company operates through four main segments, offering natural-based ingredients, biotechnology-derived products, fragrance compounds, and pharmaceutical excipients . IFF's products serve various markets, including food, non-food, perfumes, household products, and industrial uses .
- Nourish - Offers natural-based ingredients that enhance nutritional value, texture, and functionality in food applications such as beverages, dairy, bakery, and confectionery.
- Health & Biosciences - Focuses on biotechnology-derived products like enzymes, probiotics, and specialty ingredients for both food and non-food applications, serving markets such as animal nutrition and grain processing.
- Scent - Produces fragrance compounds and ingredients used in perfumes and household products.
- Pharma Solutions - Provides pharmaceutical excipients and other specialty products for industrial uses.
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With the increased reinvestment needs in R&D and innovation, including the additional $20 million planned in Q3 and Q4 , how do you plan to balance this with your goal of continuously improving margins and ROIC, and can you provide more specifics on achieving both objectives?
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Given your net debt of $9.1 billion and a net debt to EBITDA ratio of 3.9x , what specific steps are you taking to strengthen your capital structure and reduce leverage, especially considering the upcoming divestiture of the Pharma Solutions business?
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With your updated full-year guidance expecting net sales of $11.3 billion to $11.4 billion and adjusted operating EBITDA at the high end of $2.1 billion to $2.17 billion , can you elaborate on the key risks that could prevent you from achieving these targets, particularly in light of potential macroeconomic headwinds?
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You mentioned a flat price/cost dynamic expected for next year ; can you provide more clarity on how you plan to manage potential increases in raw material costs and tariffs, and what impact these could have on your margins?
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Regarding the Functional Ingredients business turnaround and the ongoing restructuring of your global supply chain footprint , what key challenges do you foresee in achieving the targeted EBITDA margins of 15% plus, and how confident are you in meeting those targets within the planned timeframe?
Competitors mentioned in the company's latest 10K filing.
- Givaudan, DSM-Firmenich Symrise, Kerry, ADM, Novonesis - Large global companies
Recent developments and announcements about IFF.
Corporate Leadership
Leadership Change
Departures: Roger W. Ferguson, Jr., John Davidson, and Christina Gold will not stand for reelection at the 2025 Annual Meeting. Their decisions are not due to disagreements with the company . Gary Hu will step down from the Board on December 31, 2024, also without any disagreements .
Appointments: Kevin O’Byrne will succeed Mr. Ferguson as Chair of the Board, subject to re-election . Cynthia Jamison, Dr. Mehmood Khan, and Vincent Intrieri will join the Board effective January 1, 2025 .
Board Change
International Flavors & Fragrances Inc. (IFF) has announced several changes to its board of directors as of December 19, 2024. Roger W. Ferguson, Jr., John Davidson, and Christina Gold have decided not to stand for reelection at the 2025 Annual Meeting. Kevin O’Byrne is appointed to succeed Mr. Ferguson as Chair of the Board, effective at the 2025 Annual Meeting. Vincent Intrieri will replace Gary Hu as the Icahn Designee director, with Mr. Hu stepping down on December 31, 2024. Additionally, Cynthia Jamison, Dr. Mehmood Khan, and Vincent Intrieri have been appointed to the Board effective January 1, 2025 .
Leadership Change
Who is leaving: Glenn Richter, the current Executive Vice President, Chief Financial Officer of International Flavors & Fragrances Inc. (IFF), is retiring effective December 31, 2024.
Who is stepping up: Michael DeVeau has been appointed as the new Executive Vice President, Chief Financial Officer, effective January 1, 2025.
Important details: Michael DeVeau has been with IFF since 2009, holding various senior finance leadership roles. His appointment includes a base salary of $700,000, an annual bonus target of 90% of his base salary, and a long-term incentive plan grant with a target value of $2,200,000, totaling $3,530,000 .
CFO Change
Glenn Richter, the current Executive Vice President and Chief Financial Officer of International Flavors & Fragrances Inc. (IFF), will retire from the company effective December 31, 2024. Michael DeVeau has been appointed as the new CFO, effective January 1, 2025 .