IFF signs deal to sell microbial control unit to Lanxess for $1.3 billion [Reuters]
International Flavors & Fragrances, Inc. (IFF)
Last international flavors & fragrances, inc. earnings: 2/12 04:15 pm
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Source: Reuters
By Reuters Staff 2 Min Read Aug 23 (Reuters) - Chemical company International Flavors & Fragrances (IFF) has signed a deal to sell its microbial control unit to German specialty chemicals maker Lanxess , with the deal being valued at $1.3 billion, the companies said. IFF, which supplies scents and tastes for products that are household names, said on Monday the cash proceeds from the deal will be primarily used to reduce outstanding debt. The companies added they expect the deal to close in the second half of 2022. The German company said its currently suspended share buy-back program in the amount of 463 million euros ($543.89 million) will be terminated. The nearly 1.1 million repurchased shares under the program will be cancelled, it added. Lanxess also said it has secured bridge financing for the deal, which is expected to be refinanced with senior corporate bonds. Reuters reported last month that IFF had short-listed Lanxess and private equity-owned LSI in the sale of its microb
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News
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- International Flavors & Fragrances Inc. (NYSE: IFF) was upgraded by analysts at Barclays PLC from an "underweight" rating to an "equal weight" rating.MarketBeat
- IFF to Release First Quarter 2024 Results on May 6, 2024Business Wire
- Strong week for International Flavors & Fragrances (NYSE:IFF) shareholders doesn't alleviate pain of three-year loss [Yahoo! Finance]Yahoo! Finance
IFF
Earnings
- 2/20/24 - Miss
IFF
Sec Filings
- 4/9/24 - Form 3
- 4/9/24 - Form 4
- 4/9/24 - Form 4
- IFF's page on the SEC website