- IFF ( NYSE: IFF ) announced on Thursday an agreement to sell its Flavor Specialty Ingredients (FSI)business to UK private equity firm Exponent.
- FSI, which reports through IFF’s Scent division, produces synthetic and natural base aroma chemicals used in the flavor market. With approximately 340 employees, the business serves more than 970 customers and generated over $100M in revenue over the last 12 months.
- Exponent is buying the business for $220M. Cash proceeds from the transaction, net of taxes and expenses, will be used to reduce outstanding debt.
- IFF CEO Frank Clyburn stated, "The sale of FSI will improve our capital structure while allowing us to focus on our core businesses to enhance growth and returns."
- The transaction is expected to close by the end of Q3 2023, subject to customary closing conditions.
For further details see:
IFF to sell Flavor Specialty Ingredients business for $220M