IFF expects to announce three non-core divestitures by end of 1Q23

IFF reconfirmed its plan to continue to optimize its portfolio through non-core divestitures, subject to tax and other requirements stemming from its N&B merger, to improve the company’s capital structure and allow for greater investment in high-return businesses. The company expects to announce three non-core divestitures by the end of the first quarter of 2023, with expected proceeds of approximately $1.2B to be used for debt reduction. IFF is continuing to assess its portfolio to identify additional portfolio optimization and divestiture opportunities.