Achieved strong growth across all financial metrics;
Targeting upper end of 2018 sales and operating profit guidance
range
Regulatory News:
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International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext
Paris: IFF) reported financial results and strategic achievements
for the first quarter ended March 31, 2018.
First Quarter 2018 Consolidated Summary: Change vs. Prior
Year
Reported (GAAP) Adjusted
(Non-GAAP)¹ Currency Neutral (Non-GAAP)¹ Sales
OperatingProfit
EPS Sales
OperatingProfit
EPS Sales
OperatingProfit
EPS Consolidated 12% 34%
12% 12% 16% 11% 7%
12% 12%
¹ Schedules at the end of this release contain reconciliations
of reported GAAP to non-GAAP metrics.
Management Commentary
“We have started the year very well, with robust growth across
all of our key financial metrics,” said IFF Chairman and CEO
Andreas Fibig. “Top-line trends remained strong in both businesses,
with new wins, volume and pricing all contributing to growth. Our
focus to drive differentiation, balance our customer base, maximize
our portfolio and generate return is yielding strong results.
Growth with local and regional customers was strong, growing four
times faster than our global customers. Cosmetic Active
Ingredients, sweetness and savory modulation, and POWDERPURE, on a
standalone basis, also all grew double-digits.
“Cost and productivity initiatives continued to play an integral
role in our ability to invest in the business while delivering
robust profit growth. Through the combination of these initiatives,
as well as our strong sales growth, we delivered double-digit
operating profit and EPS growth.”
Mr. Fibig added, “We are off to a strong start to the year and
that gives us added confidence in achieving our financial
objectives for 2018. And while it’s still early in the year, we
believe we will be closer to the upper end of our previously
communicated sales and operating profit guidance range.”
First Quarter 2018 Consolidated Financial Highlights
- Reported net sales for the first
quarter totaled $931 million, an increase of 12% from$828 million
in 2017. Excluding the impact of foreign exchange, currency neutral
sales increased 7% over the prior year.
- Reported operating profit for the first
quarter was $175 million versus $130 million reported in 2017, an
increase of 34%. Excluding the impact of foreign exchange and those
items that affect comparability, currency neutral adjusted
operating profit grew 12%, principally driven by volume growth, the
benefits associated with cost and productivity initiatives and
favorable sales mix.
- Reported earnings per share (EPS) for
the first quarter was $1.63 per diluted share versus $1.45 per
diluted share reported in 2017. Excluding the impact of foreign
exchange and those items that affect comparability, currency
neutral adjusted EPS improved 12%.
First Quarter 2018 Segment Summary: Growth vs. Prior
Year
Reported (GAAP)
Currency Neutral (Non-GAAP) Sales
SegmentProfit
Sales
SegmentProfit
Flavors 11% 18% 6% 15%
Fragrances 14%
20% 8% 12%
Flavors Business Unit
- On a reported basis, sales increased
11%, or $42.9 million, to $449.0 million. Currency neutral sales
grew 6% driven by growth in all categories and nearly all
regions.
- EAME increased 24% on a reported basis
and 11% on a currency neutral basis, led by strong double-digit
growth in Africa and the Middle East as well as mid-single digit
growth in Europe. Growth was achieved across all categories, led by
strong performances in Dairy, Savory, and Beverage.
- North America improved 10% driven by
double-digit growth at Tastepoint℠ and strong new wins in Beverage
and Dairy.
- Latin America decreased 2% on a
reported and currency neutral basis. Mid-single digit growth in
South Cone was more than offset by softness in Mexico and Colombia
– both of which grew strong double-digits in the year-ago period.
On a category basis, strong double-digit growth was achieved in
Savory as well as low-single digit growth in Dairy.
- Greater Asia increased 6% on a reported
basis and 2% on a currency neutral basis, as double-digit growth in
India and China was muted by softness in Indonesia and the ASEAN
region. On a category basis, growth was strongest in Sweet, Savory
and Dairy.
- Flavors segment profit increased 18% on
a reported basis and 15% on a currency neutral basis, driven
primarily by volume growth, the benefits from productivity
initiatives and favorable sales mix.
Fragrances Business Unit
- On a reported basis, sales increased
14%, or $59.8 million, to $481.9 million. Currency neutral sales
improved 8%, with broad-based growth from all categories and
regions.
- Fine Fragrances increased 12% on a
reported basis and 4% on a currency neutral basis led by strong
double-digit growth in LATAM and North America.
- Consumer Fragrances grew 11% on a
reported basis and 6% on a currency neutral basis with growth
achieved in all categories. Performance was led by high-single
digit increases in Home Care, Toiletries, and Hair Care. On a
geographic basis, growth was broad-based, with all regions
contributing positively to the results.
- Fragrance Ingredients grew 26% on a
reported basis and 18% on a currency neutral basis, with growth in
all regions as well as very strong double-digit growth in Cosmetic
Active Ingredients.
- Fragrances segment profit increased 20%
on a reported basis and 12% on a currency neutral basis driven
primarily by volume growth and the benefits from cost and
productivity initiatives.
The Company’s full year 2018 guidance:
Currency Neutral FX Impact1
Adjusted2 Sales 3.0% - 5.0% ~3.0% 6.0%
- 8.0%
Operating Profit 5.0% - 7.0% ~1.5% 6.5% - 8.5%
EPS 4.0% - 6.0% ~1.5% 5.5% - 7.5%
1 See Use of Non-GAAP Financial Measures
2 Excludes items impacting comparability
A copy of the Company’s Quarterly Report on Form 10-Q will be
available on its website at www.iff.com or at www.sec.gov by May 9,
2018.
IFF to Combine with Frutarom Industries
Ltd.
In a separate press release issued today, IFF announced its
intention to combine with Frutarom Industries Ltd. to create a
global leader in taste, scent and nutrition. To access the press
release, please visit our press release page here.
Audio Webcast
A live webcast to discuss the Company’s first quarter 2018
financial results will be held on May 7, 2018, at 8:00 a.m. ET.
Investors may access the webcast and accompanying slide
presentation on the Company's IR website at ir.iff.com. For those
unable to listen to the live webcast, a recorded version will be
made available on the Company's website approximately one hour
after the event and will remain available on IFF’s website for one
year.
Cautionary Statement Under The Private
Securities Litigation Reform Act of 1995
This press release includes “forward-looking statements” under
the Federal Private Securities Litigation Reform Act of 1995,
including statements regarding our outlook in our full year 2018
guidance, including our focus to drive differentiation, balance our
customer base, maximize our portfolio and our ability to deliver
growth across all of our key financial metrics and the impact of
our actions on value creation for our shareholders. These
forward-looking statements are qualified in their entirety by
cautionary statements and risk factor disclosures contained in the
Company’s Securities and Exchange Commission filings, including the
Company’s Annual Report on Form 10-K filed with the Commission on
February 27, 2018. The Company wishes to caution readers that
certain important factors may have affected and could in the future
affect the Company’s actual results and could cause the Company’s
actual results for subsequent periods to differ materially from
those expressed in any forward-looking statements made by or on
behalf of the Company. With respect to the Company’s expectations
regarding these statements, such factors include, but are not
limited to: (1) macroeconomic trends affecting the emerging
markets; (2) the Company’s ability to implement and adapt its
refreshed Vision 2020 strategy; (3) the Company’s ability to
successfully identify and complete acquisitions in line with its
Vision 2020 strategy, and to realize the anticipated benefits of
those acquisitions; (4) the Company’s ability to realize the
benefits of its cost and productivity initiatives, (5) the impact
of the disruption in supply of citral from BASF on the price and
availability of citral in 2018; (6) the Company’s ability to
effectively compete in its market, and to successfully develop new,
cost-effective and competitive products that appeal to its
customers and consumers; (7) changes in consumer preferences and
demand for the Company’s products or a decline in consumer
confidence and spending; (8) the Company’s ability to benefit from
its investments and expansion in emerging markets; (9) the impact
of recently enacted U.S. tax legislation on the Company’s effective
tax rate in 2018 and beyond; (10) the impact of currency
fluctuations or devaluations in the principal foreign markets in
which it operates; (11) the economic and political risks associated
with the Company’s international operations, including challenging
economic conditions in China and Latin America; (12) the impact of
any failure or interruption of the Company’s key information
technology systems or a breach of information security; (13) the
Company’s ability to attract and retain talented employees; (14)
the Company’s ability to comply with, and the costs associated with
compliance with U.S. and foreign environmental protection laws;
(15) the Company’s ability to realize expected cost savings and
efficiencies from its profitability improvement initiative and
other optimization activities; (16) volatility and increases in the
price of raw materials, energy and transportation; (17) price
realization in a rising input cost environment (18) fluctuations in
the quality and availability of raw materials; (19) the impact of a
disruption in the Company’s supply chain or its relationship with
its suppliers; (20) any adverse impact on the availability,
effectiveness and cost of the Company’s hedging and risk management
strategies; (21) the Company’s ability to successfully manage its
working capital and inventory balances; (22) uncertainties
regarding the outcome of, or funding requirements related to
litigation or settlement of pending litigation uncertain tax
positions or other contingencies; (23) the effect of legal and
regulatory developments, as well as restrictions or costs that may
be imposed on the Company or its operations by U.S. and foreign
governments; (24) adverse changes in federal, state, local and
international tax legislation or policies, including with respect
to transfer pricing and state aid, and adverse results of tax
audits, assessments, or disputes; and (25) changes in market
conditions or governmental regulations relating to our pension and
postretirement obligations. New risks emerge from time to time and
it is not possible for management to predict all such risk factors
or to assess the impact of such risks on the Company’s business.
Accordingly, the Company undertakes no obligation to publicly
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
Use of Non-GAAP Financial
Measures
We provide in this press release (1) Currency Neutral Sales, (2)
Adjusted Operating Profit and Currency Neutral Adjusted Operating
Profit and (3) Adjusted EPS and Currency Neutral Adjusted EPS,
which exclude restructuring costs and other significant items of a
non-recurring and/or nonoperational nature such as legal
charges/credits, gain on sale of assets, operational improvement
initiatives, integration costs, FDA mandated recall costs,
acquisition related costs and U.S. Tax reform (often referred to as
“Items Impacting Comparability”) and, with respect to the currency
neutral items, the impact of foreign currency movements. We provide
these metrics as we believe that they are useful in providing
period to period comparisons of the results of our operational
performance. When we provide our expectations for our currency
neutral metrics in our full year 2018 guidance, we estimate the
anticipated FX impact by comparing prior year results to the prior
year results restated at exchange rates in effect for the current
year based on the currency of the underlying transaction. When we
provide our expectations for our Adjusted Operating Profit and our
Adjusted EPS in our full year 2018 guidance, the closest
corresponding GAAP measures (expected reported Operating Profit and
EPS) and a reconciliation of the differences between the non-GAAP
expectation and the corresponding GAAP measure generally are not
available without unreasonable effort due to inherent difficulty of
forecasting the timing and amount of reconciling items that would
be excluded from the GAAP measure in the relevant future period and
the relevant tax impact of such reconciling items on EPS. The
variability of the excluded items may have a significant, and
potentially unpredictable, impact on our future GAAP results.
Currency Neutral Sales, Adjusted Operating Profit, Currency Neutral
Adjusted Operating Profit, Adjusted EPS and Currency Neutral
Adjusted EPS should not be considered in isolation or as
substitutes for analysis of the Company’s results under GAAP and
may not be comparable to other companies’ calculation of such
metrics.
Meet IFF
International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext
Paris: IFF) is a leading innovator of sensorial experiences that
move the world. At the heart of our company, we are fueled by a
sense of discovery, constantly asking “what if?”. That passion for
exploration drives us to co-create unique products that consumers
taste, smell, or feel in fine fragrances and beauty, detergents and
household goods, as well as beloved foods and beverages. Our 7,300
team members globally take advantage of leading consumer insights,
research and development, creative expertise, and customer intimacy
to develop differentiated offerings for consumer products. Learn
more at www.iff.com, Twitter ,
Facebook, Instagram, and LinkedIn.
International Flavors & Fragrances
Inc.
Consolidated Income Statement
(Amounts in thousands except per share
data)
(Unaudited)
Three Months Ended March 31, 2018
2017 % Change Net sales $
930,928 $ 828,293 12 % Cost of goods sold 525,119
465,210 13 % Gross profit 405,809 363,083 12 %
Research and development expenses 78,476 72,126 9 % Selling and
administrative expenses 142,644 143,704 (1 )% Amortization of
acquisition-related intangibles 9,185 7,066 30 % Restructuring and
other charges, net 717 10,143 (93 )% Gain on sales of fixed assets
(69 ) (21 ) 229 % Operating profit 174,856 130,065 34
% Interest expense 16,595 12,807 30 % Other (income), net
(576 ) (21,229 ) (97 )% Income before taxes 158,837 138,487
15 % Taxes on income 29,421 22,723 29 %
Net income $ 129,416 $ 115,764 12 % Earnings
per share - basic $ 1.63 $ 1.46 Earnings per share - diluted $ 1.63
$ 1.45 Average shares outstanding Basic 79,018 79,098
Diluted 79,393 79,409
International Flavors & Fragrances
Inc.
Condensed Consolidated Balance
Sheet
(Amounts in thousands)
(Unaudited)
March 31, December 31, 2018 2017 Cash and cash equivalents $
305,276 $ 368,046 Receivables 734,378 663,663 Inventories 687,817
649,448 Other current assets 242,870 215,387 Total
current assets 1,970,341 1,896,544 Property, plant and
equipment, net 887,483 880,580 Goodwill and other intangibles, net
1,580,077 1,572,075 Other assets 243,375 249,727
Total assets $ 4,681,276 $ 4,598,926
Bank borrowings and overdrafts,commercial
paper and current portion
of long-term debt $ 36,819 $ 6,966 Other current liabilities
679,933 761,802 Total current liabilities 716,752 768,768
Long-term debt 1,676,211 1,632,186 Non-current liabilities
509,351 508,678 Shareholders' equity 1,778,962
1,689,294 Total liabilities and shareholders' equity $ 4,681,276 $
4,598,926
International Flavors & Fragrances
Inc.
Consolidated Statement of Cash
Flows
(Amounts in thousands)
(Unaudited)
Three Months Ended March 31, 2018 2017
Cash flows from operating activities: Net income $ 129,416 $
115,764 Adjustments to reconcile to net cash provided by operating
activities: Depreciation and amortization 33,384 26,802 Deferred
income taxes 18,404 (3,766 ) Gain on disposal of assets (69 ) (21 )
Stock-based compensation 7,620 5,819 Pension contributions (4,387 )
(25,263 ) Product Recall Claim Settlement (12,969 ) — Foreign
currency gain on liquidation of entity — (12,214 ) Changes in
assets and liabilities, net of acquisitions: Trade receivables
(61,301 ) (60,858 ) Inventories (30,185 ) (109 ) Accounts payable
(8,435 ) (1,978 ) Accruals for incentive compensation (36,583 )
(23,485 ) Other current payables and accrued expenses (18,540 )
(7,586 ) Other assets (26,035 ) 30,284 Other liabilities
(1,715 ) (24,894 ) Net cash (used in) provided by operating
activities (11,395 ) 18,495
Cash
flows from investing activities: Cash paid for acquisitions,
net of cash received (22 ) (138,093 ) Additions to property, plant
and equipment (33,105 ) (26,662 ) Maturity of net investment hedges
(2,405 ) 1,948 Proceeds from disposal of assets 293
619 Net cash used in investing activities
(35,239 ) (162,188 )
Cash flows from financing
activities: Cash dividends paid to shareholders (54,420 )
(50,677 ) Increase in revolving credit facility borrowings and
overdrafts 23,762 100,481 Increase in commercial paper 29,926
107,441 Gain (Loss) on pre-issuance hedges — 300 Employee
withholding taxes paid (3,266 ) (3,000 ) Purchase of treasury stock
(10,617 ) (37,612 ) Net cash (used in) provided by
financing activities (14,615 ) 116,933 Effect
of exchange rates changes on cash and cash equivalents
(1,521 ) 2,835
Net change in cash and cash
equivalents (62,770 ) (23,925 )
Cash and cash equivalents at
beginning of year 368,046 323,992
Cash and cash equivalents at end of period $ 305,276
$ 300,067
International Flavors & Fragrances
Inc.
Business Unit Performance
(Amounts in thousands)
(Unaudited)
Three Months Ended March 31, 2018 2017
Net Sales Flavors $ 449,019 $ 406,164 Fragrances
481,909 422,129
Consolidated
930,928 828,293
Segment Profit Flavors 111,564 94,556
Fragrances 93,277 77,875 Global Expenses (23,825 ) (16,293 )
Operational Improvement Initiatives (1,026 ) (621 ) Acquisition
Related Costs 514 (8,788 ) Integration Related Costs — (1,192 ) Tax
Assessment — (5,350 ) Restructuring and Other Charges, net (717 )
(10,143 ) Gain on Sale of Assets 69 21 FDA Mandated Product Recall
(5,000 ) —
Operating profit 174,856
130,065 Interest Expense (16,595 ) (12,807 ) Other income
(expense), net 576 21,229
Income
before taxes $ 158,837 $ 138,487
Operating Margin Flavors 24.8 % 23.3 % Fragrances 19.4 %
18.4 % Consolidated 18.8 % 15.7 %
International Flavors & Fragrances
Inc.
Sales Performance by Region and
Category
(Unaudited)
First Quarter 2018 vs. First Quarter 2017
Percentage Change in Sales by Region of Destination
Fine
ConsumerFragrances
Ingredients Total Frag.
Flavors Total
North America Reported
10% 13% 6% 11% 10% 10%
EAME Reported 7% 19% 28%
17% 24% 20% Currency Neutral -5%
5% 15% 4% 11% 7% Latin
America Reported 37% 3% 26%
11% -2% 6% Currency Neutral 35%
3% 24% 11% -2% 6%
Greater Asia Reported -15% 8%
56% 14% 6% 9% Currency Neutral
-17% 5% 49% 11% 2% 6%
Total Reported 12% 11%
26% 14% 11% 12% Currency Neutral
4% 6% 18%
8% 6% 7%
Currency neutral growth is calculated by translating prior year
sales at the exchange rates used for the corresponding 2018
period.
International Flavors & Fragrances
Inc.
GAAP to Non-GAAP Reconciliation
Foreign Exchange Impact
(Unaudited)
Q1
Consolidated
Sales
OperatingProfit
EPS % Change - Reported (GAAP) 12% 34%
12% Items Impacting Comparability 0% -19% -1%
% Change -
Adjusted (Non-GAAP) 12% 16%* 11% Currency
Impact -5% -4% 1%
% Change - Currency Neutral (Adjusted)
7% 12% 12%
Q1
Flavors
Sales
SegmentProfit
% Change - Reported (GAAP) 11% 18% Currency
Impact -4% -3%
% Change - Currency Neutral 6%*
15%
Q1
Fragrances
Sales
SegmentProfit
% Change - Reported (GAAP) 14% 20% Currency
Impact -6% -8%
% Change - Currency Neutral 8%
12%
*Item does not foot due to rounding
International Flavors & Fragrances
Inc.
GAAP to Non-GAAP Reconciliation
(Amounts in thousands)
(Unaudited)
The following information and schedules provide
reconciliation information between reported GAAP amounts and
non-GAAP certain adjusted amounts. This information and schedules
are not intended as, and should not be viewed as, a substitute for
reported GAAP amounts or financial statements of the Company
prepared and presented in accordance with GAAP.
Reconciliation of Gross Profit First
Quarter (DOLLARS IN THOUSANDS)
2018
2017 Reported (GAAP) $ 405,809 $ 363,083 Operational
Improvement Initiatives (a) 453 621 Acquisition Related Costs (b) —
5,301 Integration Related Costs (c) — 88 FDA Mandated Product
Recall (g) 5,000 — Adjusted (Non-GAAP)
$ 411,262 $ 369,093
Reconciliation of Selling and
Administrative Expenses First Quarter (DOLLARS IN
THOUSANDS)
2018 2017 Reported (GAAP) $
142,644 $ 143,704 Acquisition Related Costs (b) 514 (3,487 )
Integration Related Costs (c) — (943 ) Tax Assessment (d) —
(5,350 ) Adjusted (Non-GAAP) $ 143,158 $ 133,924
Reconciliation of Operating Profit First
Quarter (DOLLARS IN THOUSANDS)
2018 2017
Reported (GAAP) $ 174,856 $ 130,065 Operational Improvement
Initiatives (a) 1,026 621 Acquisition Related Costs (b) (514 )
8,788 Integration Related Costs (c) — 1,192 Tax Assessment (d) —
5,350 Restructuring and Other Charges, net (e) 717 10,143 Gain on
Sale of Assets (69 ) (21 ) FDA Mandated Product Recall (g)
5,000 — Adjusted (Non-GAAP) $ 181,016 $
156,138
International Flavors & Fragrances
Inc.
GAAP to Non-GAAP Reconciliation
(Amounts in thousands)
(Unaudited)
The following information and schedules provide
reconciliation information between reported GAAP amounts and
non-GAAP certain adjusted amounts. This information and schedules
are not intended as, and should not be viewed as, a substitute for
reported GAAP amounts or financial statements of the Company
prepared and presented in accordance with GAAP.
Reconciliation of Net Income First
Quarter 2018 2017 (DOLLARS
IN THOUSANDS)
Income before taxes Taxes on
income (i) Net income EPS
(j) Income before taxes Taxes on income
(i) Net income EPS
Reported (GAAP) $ 158,837 $ 29,421 $ 129,416 $ 1.63 $ 138,487 $
22,723 $ 115,764 $ 1.45 Operational Improvement Initiatives (a)
1,026 294 732 0.01 621 155 466 0.01 Acquisition Related Costs (b)
(514 ) (134 ) (380 ) — 8,788 3,138 5,650 0.07 Integration Related
Costs (c) — — — — 1,191 362 829 0.01 Tax Assessment (d) — — — —
5,350 1,892 3,458 0.04 Restructuring and Other Charges, net (e) 717
169 548 0.01 10,143 2,967 7,176 0.09 Gain on Sale of Assets (69 )
(17 ) (52 ) — (21 ) (7 ) (14 ) — CTA Realization (f) — — — —
(12,214 ) — (12,214 ) (0.15 ) FDA Mandated Product Recall (g) 5,000
1,196 3,804 0.05 — — — — U.S. Tax Reform (h) —
(649 ) 649 0.01 — —
— — Adjusted (Non-GAAP) $
164,997 $ 30,280 $ 134,717 $ 1.69 $ 152,345 $ 31,230 $ 121,115 $
1.52 (a) For 2018, represents accelerated
depreciation related to a plant relocation in India and a lab
closure in Taiwan. For 2017, represents accelerated depreciation
and idle labor costs in Hangzhou, China. (b) For 2018, represents
adjustments to the contingent consideration payable for PowderPure
and transaction costs related to Fragrance Resources and PowderPure
within Selling and administrative expenses. For 2017, represents
the amortization of inventory "step-up" related to the acquisitions
of David Michael and Fragrance Resources, included in cost of goods
sold and transaction costs related to the acquisitions of David
Michael, Fragrance Resources and PowderPure, included in Selling
and administrative expenses. (c) Represents costs related to the
integration of the David Michael and Fragrance Resources
acquisitions. (d) Represents the reserve for payment of a tax
assessment related to commercial rent for prior periods. (e)
Represents severance costs related to the 2017 Productivity Program
and Taiwan lab closure. (f) Represents the release of CTA related
to the liquidation of a foreign entity. (g) Represents management's
best estimate of losses related to the previously disclosed FDA
mandated recall. (h) Represents charges incurred related to
enactment of certain U.S. tax legislation changes in December 2017.
(i) The income tax expense (benefit) on non-GAAP adjustments is
computed in accordance with ASC 740 using the same methodology as
the GAAP provision of income taxes. Income tax effects of non-GAAP
adjustments are calculated based on the applicable statutory tax
rate for each jurisdiction in which such charges were incurred,
except for those items which are non-taxable for which the tax
expense (benefit) was calculated at 0%. For first quarter of 2018,
these non-GAAP adjustments were not subject to foreign tax credits
or valuation allowances, but to the extent that such factors are
applicable to any future non-GAAP adjustments we will take such
factors into consideration in calculating the tax expense
(benefit). (j) The sum of these items does not foot due to
rounding. The Company tracks the amount of amortization recorded on
recent acquisitions in order to monitor its progress with respect
to its Vision 2020 goals. The following amounts were recorded with
respect to recent acquisitions: $0.7M related to PowderPure, $2.0M
related to Fragrance Resources, $1.1M related to David Michael,
$1.6M related to Ottens Flavors, and $2.0M related to Lucas Meyer
Cosmetics.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180506005087/en/
International Flavors & Fragrances Inc.Michael DeVeau,
212-708-7164VP, Corporate Strategy, Investor Relations &
CommunicationsMichael.DeVeau@iff.com
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