UPDATE 1-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
IFF signs deal to sell microbial control unit to Lanxess for $1.3 billion By Reuters Staff 2 Min Read (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 quarter of 2022. Within four years after the deal closing, Lanxess said it expects synergies to add about $35 million in earnings before interest, tax, depreciation and amortization. The acquisition is expected to be earnings per share accretive in the first fiscal year after closing, the statement added. The German company said its currently suspended share buy-back program in the amount of 463 million euros ($543.89 mill
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News
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- 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