INTERNATIONAL FLAVORS & FRAGRANCES INC

International Flavors & Fragrances was formed in 1958 by the merger between Polak & Schwarz (P&S) and van Ameringen-Haebler.

Origins

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 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 U.S. 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.

Constant Cornelis (Cook) Brummer [ nl ] was a director at Polak & Schwarz during World War II. Because he saved hundreds of Jewish workers' lives, he is compared to Oskar Schindler. He was recognized by Israel as Righteous Among the Nations in January 2017, for risking his own life to save others from the Nazis.

Merger and early growth

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. It was cross listed to the Euronext Paris Market in 2015, becoming the first U.S.-listed company to make use of Euronext Paris Fast Path process.

Research and innovation

In 1968, in conjunction with the Monell Foundation, IFF established the Monell Chemical Senses Center, dedicated to the research of taste and smell.

In 1985, Dr. Braja D. Mookherjee, a scientist at IFF, pioneered Living Flower technology, which changed the way perfumes are created. The technology allows for the most accurate transmission of the scent of real flowers through perfume ingredients. In 1990, IFF broke ground in their R&D facility located in Union Beach, NJ, to develop its 5,000-square-foot greenhouse and botanical garden, which can maintain tropical and subtropical temperature zones for more than 1,300 varieties of exotic plants.

It is home to a miniature rose called "Overnight Scentsation" (also known as the "Space Rose") which was cultivated for experiments in space and left the Earth during a 10-day flight on board the shuttle Discovery (STS-95) in 1998. Low gravity critically altered the fragrance of the rose, which was later commercialized by IFF and Shiseido.

Leadership

Henry G. Walter, Jr., former IFF Chairman, 1962–1985, was a noted philanthropist and prolific writer, who pioneered the field of aromatherapy. He is considered one of the most influential people in the Industry. It has been speculated that he inspired some of the storylines and characters in the book Masters of Sex by Thomas Maier, as well as the Showtime series by the same the name. During World War II, his wife, Rosalind (Palmer) Walter worked on the night shift as a riveter on the Corsair, the F4U Marine gull-winged, fighter airplane, inspiring the song "Rosie the Riveter."

Acquisitions and divestitures (2000–2016)

In 2000, IFF acquired Laboratoire Monique Rémy based in Grasse, France and forms IFF LMR Naturals, strengthening its position in the development and use of raw materials, natural ingredients for fragrances and flavors. 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. [ citation needed ]

In 2014, IFF acquired Aromor Flavors and Fragrances Ltd., a privately held manufacturer and marketer of complex specialty ingredients that are used in fragrances and flavors based in Israel in Kibbutz Givat Oz.

In 2015, IFF announced that it completed the acquisition of Ottens Flavors. This was followed in 2016 with the acquisition of David Michael & Company. Using this merger as a catalyst, they have since launched Tastepoint by IFF to serve dynamic middle-tier customers.

In 2015, IFF acquired Lucas Meyer Cosmetics, a cosmetic actives firm based in Canada that develops, manufactures and markets innovative ingredients for the cosmetic and personal care industry. Lucas Meyer Cosmetics was sold to Clariant in April 2024.

Corporate profile

IFF has creative, sales, and manufacturing facilities in 44 countries and is a member of the S&P 500 Index. IFF is a $10.8 billion market capital company with a global footprint that generated over 75 percent of its 2016 sales outside the United States and 51 percent in the emerging markets. [ citation needed ] In 2014, the Company celebrated its 125th anniversary year, from the founding of Polak & Schwarz on January 27, 1889 in Zutphen, Netherlands, to the 1958 merger with van Ameringen-Haebler to form IFF. IFF is ranked among Forbes Best Employers.

Frutarom acquisition and shareholders

On May 8, 2018, IFF acquired the Israeli company Frutarom for $7.1 Billion.

Between 2016 and 2018, Kirsten, Finn and Jorn Rausing became the top shareholders of IFF, having bought nearly 20% of the shares via entities in Singapore and Liechtenstein.

Recent transactions (2019–present)

In 2019, IFF announced the merger of IFF and DuPont's Nutrition & Biosciences (N&B) business in a Reverse Morris Trust transaction. The deal values the combined company at $45.4 billion on an enterprise value basis, reflecting a value of $26.2 billion for the N&B business based on IFF's share price as of December 13, 2019.

In December 2022, French private equity firm PAI Partners announced their acquisition of IFF's Savory Solutions Group, which is valued at about $900 million. Upon the deal's completion, the private equity firm rebranded the solutions group as NovaTaste.

In March 2024, it was announced IFF has sold its IFF Pharma Solutions division to the France -based family owned company, Roquette for $2.85 billion.

CEOs

Jon Erik Fyrwald: 2024–present

Frank Clyburn: 2022–2024

Andreas Fibig: 2014–2022

Doug Tough: 2010–2014

Robert Amen: 2006–2009