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IFF Announces Closure of Fragrances Ingredients Plant in Augusta, Georgia

  IFF Announces Closure of Fragrances Ingredients Plant in Augusta, Georgia

     Production to be Consolidated into Existing Ingredients’ Facilities

Business Wire

NEW YORK -- May 3, 2013

International Flavors & Fragrances Inc. (NYSE:IFF), a leading global creator
of flavors and fragrances for consumer products, today announced its intention
to close its Fragrances Ingredients manufacturing facility in Augusta, Georgia
by July 2014 and to consolidate production into existing IFF Ingredients
facilities. The closing of the Augusta plant will improve efficiencies within
the Ingredients manufacturing network, thereby supporting the company’s
objective to ensure operations are cost-efficient and competitive.

“Providing innovative and cost-effective ingredients for use in our Fragrance
Compounds business is our number one priority and is critical to our ability
to create winning solutions for our customers,” said Nicolas Mirzayantz,
Fragrances Group President. “Our Fragrance Ingredients business supplies our
Fine Fragrance and Beauty Care and Functional Fragrances categories with
differentiated and captive ingredients that provide us with a strategic and
competitive advantage, and enable our perfumers to create winning consumer
fragrances for our customers’ brands.”

Mr. Mirzayantz continued, “With a changing competitive environment, we have
decided to streamline those parts of our business that support lower
value-added, commodity-like ingredients and remain focused on those areas that
are more value-enhancing. Based on our ongoing business review, this is one of
several actions we are taking to improve the competitiveness of our Fragrance
Ingredients business, and to position our overall Fragrances business for
long-term profitable growth.”

Rob Edelman, Senior Vice President Fragrance Ingredients added, “While market
forces clearly dictate the optimization of Ingredients’ production, we do not
make decisions such as this lightly. We value our employees and will do
everything possible to treat them with fairness and sensitivity. Moving
production to existing Ingredients plants creates synergies for IFF that will
improve customer service levels while we continue to invest for the future.”

About IFF

International Flavors & Fragrances Inc. (NYSE: IFF) is a leading global
creator of flavors and fragrances used in a wide variety of consumer products.
Consumers experience these unique scents and tastes in fine fragrances and
beauty care, detergents and household goods, as well as beverages, sweet goods
and food products. The Company leverages its competitive advantages of
consumer insight, research and development, creative expertise, and customer
intimacy to provide customers with innovative and differentiated product
offerings. A member of the S&P 500 Index, IFF has more than 5,700 employees
working in 32 countries worldwide. For more information, please visit our
website at www.iff.com.

Cautionary Statement Under The Private Securities Litigation Reform Act of
1995

This press release contains “forward-looking statements” under the Federal
Private Securities Litigation Reform Act of 1995, including statements
regarding (i) the expected closing of IFF’s Augusta, Georgia manufacturing
facility and consolidation of production into other IFF facilities; (ii)
expected improvement in efficiencies within the Ingredients system resulting
from the closing of the Augusta, Georgia manufacturing facility; (iii)
expected improvements in the competitiveness of the Ingredients business and
long-term profitable growth of the Fragrances business; and (iv) expected
improvements in customer service resulting from the closing of the Augusta,
Georgia manufacturing facility. These statements are based on management’s
current expectations and assumptions regarding IFF’s business, the economy and
other future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. IFF’s actual results may differ
materially from those contemplated by the forward-looking statements included
in this release, and we wish to caution you against relying on any of these
forward-looking statements. Important factors that could cause actual results
to differ materially from those in the forward-looking statements include the
economic climate for IFF’s industry and demand for its fragrance ingredients,
the ability of IFF to successfully close its manufacturing facility and
transfer production to other facilities, unexpected or unforeseen costs
associated with the closing of the Augusta, Georgia manufacturing facility,
changes in consumer preferences, IFF’s ability to meet consumer demands, and
other factors contained in the “Risk Factors” section of IFF’s Annual Report
on Form 10-K filed with the SEC on February 26, 2013 and subsequent filings
with the SEC. IFF assumes no responsibility to update forward-looking
statements or to adapt them to future events or developments after the date of
this release.

Contact:

International Flavors & Fragrances Inc.
Investors:
Shelley Young, 212-708-7271
Shelley.Young@iff.com
or
Media:
Denise Gillen, 212-515-7308
Denise.Gillen@iff.com
 
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