International Flavors & Fragrances

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International Flavors & Fragrances (IFF)
IFF
TypePublic
NYSE: IFF
S&P 500 Component TASE: IFF
TA-35 Component
IndustrySpecialty chemicals
Research and development
Founded1889 (1889)
Headquarters521 W. 57th St NY NY 10019,
New York
,
United States
Number of locations
242 manufacturing facilities, creative centers & laboratories (2020)
Area served
Worldwide
Key people
Andreas Fibig, CEO
ProductsFlavoring and fragrances
RevenueIncrease$10,641 Billion (2020[1])
Increase$$566,484 Million (2020[1])
Decrease$367,372 Million (2020[1])
Total assetsIncrease$13,555,671 Billion (2020[1])
Total equityIncrease$6,323,035 Billion (2020[1])
Number of employees
13,700[2] (2020)
Websitewww.iff.com

International Flavors & Fragrances is an American corporation that produces flavors, fragrances, and cosmetic actives, which it markets globally. It is headquartered in New York City and has creative, sales, and manufacturing facilities in 47 different countries. The company is a member of the S&P 500 Index.

History[]

International Flavors & Fragrances was formed in 1958 by the merger between Polak & Schwarz (P&S) and van Ameringen-Haebler. 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 small 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 US 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 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.[3][4][5]

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 US-listed company to make use of Euronext Paris Fast Path process.[6]

In 1968, in conjunction with the Monell Foundation, IFF established the Monell Chemical Senses Center, dedicated to the research of taste and smell.[7]

In 1985, Dr. Braja D. Mookherjee, a scientist at IFF, pioneered Living Flower technology, which changed the way perfumes are created. 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.[8]

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.[9][10][11][12]

Henry G. Walter, Jr., former IFF Chairman, 1962–1985,[13] 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.[14] 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.[15][16] 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."

In 2000, IFF acquired 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.[17] 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.

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.

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, founded in 1982 and based in Israel in Kibbutz Givat Oz.[18]

In 2015, IFF announced that it completed the acquisition of .[19] 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 , a cosmetic actives firm based in Canada that develops, manufactures and markets innovative ingredients for the cosmetic and personal care industry.[20]

In 2016, IFF acquired David Michael & Company, Inc. Founded in 1896, David Michael was a privately-held flavors company headquartered in Philadelphia, PA, well-known in the industry for its vanilla expertise, strength in the Dairy and Beverage categories, and relationships with dynamic, faster-growing middle-market customers.

In 2017, IFF completed the acquisition of Fragrance Resources, a privately-held, family-owned fragrance company founded in 1987 by Horst F. W. Gerberding.

IFF acquired Columbia Phytotechnology LLC, A/K/A PowderPure on April 7, 2017. Founded in the early 2000s and based in Oregon, PowderPure utilizes its patented Infidri™ drying technology to create all-natural food ingredients by eliminating water while leaving the taste, nutrition and color matrix intact.

On June 26, 2017, IFF launched Tastepoint by IFF – a new company designed to service the middle-market customer in North America. Tastepoint by IFF represents the merger of David Michael & Co. and Ottens Flavors, two companies with long histories in the industry and reputations for outstanding service and products.

On May 8, 2018, IFF acquired the Israeli company Frutarom for $7.1 Billion, a company established by Yehuda Araten and Maurice Gerzon, two industrialists from the Netherlands in 1933.[21]

In 2019, IFF acquired The Additive Advantage (TAA), a company that develops novel technologies with diverse capabilities that span applications and industries. The Additive Advantage was founded in 2006.

IFF has 247 manufacturing facilities, creative centers and application laboratories located in 47 different countries, with a product portfolio covers taste, scent and complementary adjacent products, and over 128,000 individual products that are provided to customers in approximately 200 countries.

On December 15, 2019, IFF entered into definitive agreements with DuPont de Nemours, Inc. (“DuPont”), including an Agreement and Plan of Merger, pursuant to which DuPont will transfer its nutrition and biosciences business to Nutrition & Biosciences, Inc., a Delaware corporation and wholly owned subsidiary of DuPont and Nutrition & Biosciences, Inc., will merge with and into a wholly owned subsidiary of IFF.

The combination of IFF and N&B, completed on February, 1, 2021, creates a global leader in high-value ingredients and solutions for the Food & Beverage, Home & Personal Care and Health & Wellness markets, with estimated 2020 pro forma revenue of more than $11 billion and EBITDA of approximately $2.5 billion, excluding synergies. The complementary portfolios give the company leadership positions within the Taste, Texture, Scent, Nutrition, Enzymes, Cultures, Soy Proteins and Probiotics ingredient categories. The combined company’s global reach and enhanced capabilities will enable the creation of innovative solutions to respond to customer demands and increasing consumer preferences for natural, healthier and “better for you” products.

Sales in 2020 were approximately $5.1 billion, making IFF the second largest company in the taste, scent, nutrition and specialty ingredient industry during the period. Based on 2020 sales, approximately 35% were global consumer products companies and approximately 65% were small and mid-sized companies.The business is geographically diverse, with sales in the U.S. representing approximately 20% of sales in 2020. No other country represented more than 6% of sales.

In 2020, IFF operated across two segments: Taste and Scent. As a result of the Nutrition & Biosciences Transaction, the business is now organized in four business segments: Nourish (a combination of IFF’s Taste business with N&B’s Food & Beverage business), Scent, Health & Biosciences and Pharma Solutions.

IFF is recognized as a Best Place to Work for LGBTQ Equality after receiving a perfect score of 100 on the 2019 and 2020 Corporate Equality Index, named as 2021 Best Place to Work for Disability Inclusion after earning a 100% score on the Disability Equality Index for the 2nd consecutive year in a row, and earned a global certification from the Economic Dividends for Gender Equality (EDGE) at the move level across 21 countries and each country was validated to not have a statistically significant unexplained gender pay gap.

Environmental Record[]

IFF published its first external sustainability report: Sustainability: The Essence of IFF in 2011. In 2012, IFF adopted the 12 Principles of Green Chemistry as an important differentiator in product design and development.

In 2014, IFF opened a 4,000-kilowatt Photovoltaic Solar Installation in New Jersey, which supplies approximately 40 percent of the electricity needs of its Hazlet, NJ fragrances manufacturing and creative center facilities. It has more than 16,000 modules and approximately 1 million solar cells covering 20 acres of IFF property, making IFF a leader in renewable energy in its sector.[22]

In 2015, IFF joined the World Business Council for Sustainable Development (WBCSD), a CEO-led organization of forward-thinking companies that galvanizes the global business community to create a sustainable future for business, society and the environment.

In 2015, IFF achieved LEED Silver Certification for its Flavors Creative Center in Indonesia and achieved Roundtable for Sustainable Palm Oil (RSPO) Supply Chain Certification for its facilities in the United States, the United Kingdom and the Netherlands.[23]

In 2015, Coca-Cola, FUJIFILM, International Flavors and Fragrances, Agristo, Cofely and Water Board De Dommel opened a collective waste water treatment plant on the premises of FUJIFILM in Tilburg, Netherlands. The waste water treatment plant can process about 10 million litre per day or more than 3.5 billion litre waste water per year. The plant has a low level of energy consumption and implements the latest technology in the field of water treatment. After treatment, the waste water is discharged as clean water into the Wilhelmina Canal, making it available for reuse by the four companies, or for another sustainable use in the Tilburg region.[24][25]

IFF became the first flavors and fragrances company to join Together for Sustainability (TfS), driving responsible sourcing throughout their supply chain.[26]

In 2016, IFF deployed the industry's first-ever on-site wind turbine at its Tilburg, Netherlands manufacturing facility.[27][28] It has an output of 2.4 megawatts, producing approximately 6.5 million kWh of renewable electricity per year, which provides up to 30 percent of the site's electricity needs, and when combined with purchased green electricity the facility is powered by 100 percent renewable electricity.

In 2016, IFF released the First-Ever Cradle to Cradle Certified™ Fragrance: PuraVita™. Designed through a mindset of sustainability the fragrance earned IFF a Platinum level Material Health Certificate.[29][30]

In 2016, IFF and Unilever launched the Vetiver Together Partnership to Improve the Lives of Vetiver Farming Communities in Haiti and strengthen the supply chain. The project is supported by the Enhancing Livelihoods Fund – a partnership between Unilever, Oxfam Great Britain, and the Ford Foundation and is being implemented by Heifer International in Haiti.[31][32]

IFF is ranked at the 2020 EcoVadis platinum sustainability level, placing it among the top 1% of companies assessed in the areas of Environment, Labor & Human Rights, Ethics and Sustainable Procurement.

In 2017, IFF, headquartered in Manhattan, New York City, joined the We Are Still In[33] network demonstrating America's enduring commitment to tackling climate change, ensuring a clean energy future, and upholding the Paris Agreement. IFF announced that it joined the in 2015.[34]

In 2017, International Flavors & Fragrances’ South Brunswick, New Jersey facility earned facility status, making it the only facility of its kind in the flavor and fragrance industry to achieve GreenCircle's zero waste status.[35][36]

IFF was named to the 2020 Dow Jones World Index and the North America Index, a family of best-in-class benchmarks for investors who have recognized that sustainable business practices are critical to generating long-term shareholder value, to the FTSE4Good Index series and Euronext Vigeo’s World 120 Index for ESG performance, and recognized as one of Barron's 100 Most Sustainable Companies List for the third consecutive year in 2020.

As part of a creative collaboration with artist Michael Pinsky, commissioned by the Norwegian University of Science and Technology (NTNU), as part of Climart, to create Pollution Pods, with the support of BuildwithHubs, IFF worked on Pollution Pods. The art installation highlighted global air quality issues and was on display at the UN Climate Action Summit.

IFF co-created Henry Rose, a line of fine fragrances launched in 2019 by Michelle Pfeiffer, designed with circular principles, with the Environmental Working Group (EWG) verification and Cradle to Cradle (C2C) Gold overall product certification and Platinum recognition in the Material Health category. The collection was recognized as a Good Housekeeping 2019 Sustainable Packaging Award Winner, Fast Co 2019 Innovation by Design Award Honoree, and garnered IFF The Fashion Group International Night of the Stars’ Sustainability Award. In 2019, IFF launched the industry’s largest solar array at its Union Beach, New Jersey property, which is expected to generate over nine million kilowatt hours annually, powering IFF’s R&D facility and returning any excess energy to the grid. Nesting platforms were installed on the property to support the conservation of ospreys, a North American raptor species challenged by environmental changes.

In 2019, Caswell-Massey, IFF and Yellowstone Forever, the official nonprofit partner of Yellowstone National Park, launched a ‘Living Floral’ collection of Fragrance Tonics and Moisturizing Oils captured from plant species at Yellowstone National Park, using IFF’s headspace technology. The Yellowstone Living Floral project was in development for five years, under a scientific research permit granted to IFF in 2014 to work with Yellowstone National Park botanists to study and preserve some of the plant species unique to the park. Using IFF’s headspace technology applied to the living flora, IFF was able to identify the “scent signature” of several of these plant species and to recreate “nature identical” scent molecules using sustainably sourced materials without damaging or harming these rare botanical species. These nature-identical molecules were carefully refined by IFF perfumers for the collection. Caswell-Massey and IFF support an educational program within the park to educate visitors about rare and endangered plant species at Yellowstone.

In 2019, IFF was named to CDP’s A list for climate change for the fifth consecutive year and to their A list for water security for the second consecutive year.

IFF reconfirmed their commitment to mitigate climate change by signing the United Nation’s Business Ambition for 1.5°C: Our Only Future pledge, committing to set science-based emissions targets to limit global temperature rise to 1.5 degrees Celsius.

IFF signed the United Nations Global LGBTI Standards of Conduct for Business (“the Standards”), joining 250 of the world’s largest companies in the pledge to tackle discrimination against lesbian, gay, bisexual, transsexual and intersex (LGBTI) people in the community, workplace and marketplace.

The Company pledged to adopt the United Nations Women’s Empowerment Principles (“the Principles”), a set of seven tenets to advance and empower women and provide equal treatment in the workplace, marketplace and community.

Partnerships[]

In 2001, IFF collaborated with the Cosmetic Executive Women (CEW) at the Raymond-Poincaré hospital in Garches, France to develop , based on the link between smells and memories, which is now used in several hospitals to help patients with brain injuries, stroke victims and Alzheimer's patients with memory impairment or of language.[37][38]

In 2016, IFF joined the Well Living Lab as a Sustaining Alliance Member. The Well Living Lab is a collaboration of the Mayo Clinic and that is seeking to, among other things, study indoor environments and create healthier indoor spaces.[39]

In 2017, IFF joined FReSH - the Food Reform for Sustainability and Health program, a project of the World Business Council on Sustainable Development (WBCSD) designed to improve the health of people and the planet by recalibrating the global systems of consumption, transportation, production and agriculture, thus achieving the initiative’s goal to make responsibly produced, healthy, enjoyable diets available for all.

In 2017, IFF Lucas Meyer Cosmetics invested in to expand its raw material access.[40]

In 2017, IFF partnered with Mars Wrigley Confectionery to improve the long-term viability of mint farming in India through the Shubh Mint progam, part of AdvanceMint, a larger, global project to advance mint plant science and support mint farmers and their communities. IFF contributed to the initiative’s “Resilient Communities” pillar by sponsoring municipal centers through READ India focused on youth education and women’s empowerment.

Since the start of 2018, Sleepscore and IFF have been collaborating on a sleep fragrance, and since then, have gathered over 6,500 nights of objective sleep data together to create and validate products designed to support healthier lives through improved sleep.

In 2018, the Hebrew Home at Riverdale, a non-profit nursing home in the Bronx, New York installed six baseball inspired scents in its "Yankees Dugout” exhibit, including beer, grass, popcorn and hot dogs, thanks to a new partnership with IFF and Scent Marketing.

In 2019, IFF established a partnership with Aryballe, to refine and further develop the flavor and fragrance capabilities and applications of Aryballe’s technology in portable, universal odor detection sensors.

In June 2019, IFF and ISIPCA, a prestigious higher education institution in the field of perfume, cosmetics, and flavoring, celebrated the first Master of Scent Design and Creation graduating class of their collaborative program, established in 2016.

IFF is a member of the European Flavour Association.[41]

IFF is a member of the Roundtable on Sustainable Palm Oil (RSPO) and Flavor & Extract Manufacturers Assoc. (FEMA)

ESSEC Business School, based in Paris, launched its first beauty program, Leading a Beauty Brand, in a joint partnership with the Estée Lauder Companies, IFF and Nocibé (Douglas Group) in 2020.

CEOs[]

See also[]

References[]

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  2. ^ https://ir.iff.com/node/33256/html/. Missing or empty |title= (help)
  3. ^ nl:Cook Brummer
  4. ^ "Righteous Among the Nations Honored by Yad Vashem by 1 January 2018 : The Netherlands" (PDF). Yadvashem.org. Retrieved 1 August 2018.
  5. ^ "Actueel". Binnenland.eenVandaag.nl. Retrieved 1 August 2018.
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  21. ^ "Investors". ir.iff.com. Archived from the original on June 20, 2019. Retrieved 2018-05-10.
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  23. ^ "Archived copy". Archived from the original on 2017-10-19. Retrieved 2017-10-19.CS1 maint: archived copy as title (link)
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  31. ^ [1][dead link]
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  43. ^ "Doug Tough". Bloomberg News. Retrieved 2018-03-30.
  44. ^ "Robert M. Amen". Bloomberg News. Retrieved 2018-02-03.

External links[]

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