IFF and Amyris Advance Innovative Collaboration to Develop Ingredients for the
Flavors and Fragrances Market
Amyris Successfully Meets Technical Milestones of Phase 1 R&D Development
IFF Commits to Phase 2 to Reduce Supply Volatility of Critical Ingredients for
the Fragrance Industry
NEW YORK and EMERYVILLE, Calif., Feb. 25, 2014 (GLOBE NEWSWIRE) --
International Flavors & Fragrances Inc. (NYSE:IFF), a leading global creator
of flavors and fragrances for consumer products, and Amyris (Nasdaq:AMRS), a
leading renewable products company, today announced completion of the first
phase of their collaboration to develop a specific set of renewable fragrance
ingredients and agreement to move forward with the second phase of
"As we near the first anniversary of our collaboration with Amyris, we are
delighted to launch the next phase of the project," said Nicolas Mirzayantz,
IFF Group President, Fragrances."This arrangement supports our long-term
strategy, which focuses on both innovation and portfolio maximization. In our
125-year history, we have been market leaders in the area of innovation and
this recent work with Amyris reflects our continuing commitment to lead in
this area. We believe that the creation of cost-effective molecules will have
a positive impact on our Fragrance Ingredients business as well as the
creative capabilities of our Fragrance compounds business."
"We are extremely pleased with the success in our collaboration with IFF and
are optimistic about the prospect for scaling up new fragrance compounds using
our technology platform," said John Melo, Amyris President & CEO.
In April 2013, IFF and Amyris agreed to develop a sustainable, cost-effective
and reliable source of key fragrance ingredients. The parties have agreed to
pursue the second phase of development.As previously disclosed, under the
terms of the multi-year agreement, IFF will have exclusive rights to the
renewable fragrance ingredients developed for applications in the flavors and
fragrances sector, and Amyris will have exclusive rights in other sectors.
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 6,000 employees working in 31 countries worldwide.For more information,
please visit our website at www.iff.com.
About Amyris, Inc.
Amyris is an integrated renewable products company focused on providing
sustainable alternatives to a broad range of petroleum-sourced products.
Amyris uses its industrial synthetic biology platform to convert plant sugars
into a variety of molecules -- flexible building blocks that can be used in a
wide range of products. Amyris is commercializing these products both as No
Compromise® renewable ingredients in cosmetics, flavors and fragrances,
polymers, lubricants and consumer products, and also as No Compromise
renewable diesel and jet fuel. Amyris Brasil Ltda., a subsidiary of Amyris,
oversees the establishment and expansion of Amyris's production in Brazil.
More information aboutAmyris is available atwww.amyris.com.
IFF Forward-Looking Statements
This release contains forward-looking statements under the Federal Private
Securities Litigation Reform Act of 1995, which are often identified by words
like "believe," "will," "expect," "should" or similar expressions, and
includes statements regarding the expected creation of cost-effective,
sustainable ingredients that meet customer needs, the ability to derive
economic value from such newly-developed ingredients, and the expected impact
of the collaboration on IFF's biotechnology platform.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 and Amyris to
successfully develop cost-effective, renewable fragrance ingredients, changes
in consumer preferences, IFF's ability to successfully sell and market
sustainable ingredients, and other factors contained in the "Risk Factors"
section of IFF's Annual Report on Form 10-K filed with the Commission on
February 26, 2013.IFF assumes no responsibility to update forward-looking
statements or to adapt them to future events or developments after the date of
Amyris Forward-Looking Statements
This release contains forward-looking statements, and any statements other
than statements of historical facts could be deemed to be forward-looking
statements. These forward-looking statements include, among other things,
statements regarding future events (such as prospects for scaling up new
fragrance compounds using Amyris technology and expectations regarding moving
forward with a second phase to the collaboration) that involve risks and
uncertainties. These statements are based on management's current expectations
and actual results and future events may differ materially due to risks and
uncertainties, including those associated with any delays or failures in
development, production or commercialization of products, liquidity and
ability to fund capital expenditures, Amyris's reliance on third parties to
achieve its goals, and other risks detailed in the "Risk Factors" section of
Amyris's quarterly report on Form 10-Q filed on November 5, 2013. Amyris
disclaims any obligation to update information contained in these
forward-looking statements whether as a result of new information, future
events, or otherwise.
Amyris, the Amyris logo, Biofene and No Compromise are trademarks or
registered trademarks of Amyris, Inc.
CONTACT: International Flavors & Fragrances Inc.
Denise Gillen, Fragrances Communications Manager
Shelley Young, Director of Investor Relations
Media & Investor Relations
Joel Velasco, Senior Vice President
firstname.lastname@example.org, 1- 510-597-5577
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