NEW YORK--(BUSINESS WIRE)--
International Flavors & Fragrances Inc. (IFF), a leading global creator of flavors and fragrances for consumer products, today announced that it plans to invest over $50 million in its flavors operations in Jakarta, Indonesia. The investment will include a new state-of-the-art creative center on the existing site that will primarily support customers in Indonesia and is expected to be completed by the fourth quarter of 2014. Additionally, the Company will build a new manufacturing facility in a nearby site to expand capacity and better serve global and regional customers in the growing ASEAN region. This facility is expected to be operational in the second half of 2015. This investment is consistent with IFF’s strategy to capture the growth potential of the emerging markets.
Doug Tough, Chairman and CEO of IFF, said, “The ASEAN markets include 600 million consumers and roughly 240 million are located in Indonesia. Our increased investment in Indonesia strengthens our ongoing strategy to expand our geographic reach and create infrastructure to serve emerging markets, especially those enjoying dynamic growth rates and demographics. IFF has had a long-standing presence in Indonesia, and this additional investment in expanded capacity reflects our long-term commitment to the region.”
Ed Alejandrino, Vice President and Regional General Manager Flavors, Greater Asia, said, “With this investment, we are putting in place the creative talent and manufacturing capacity to support our customers in the region more fully as they seek to develop and further differentiate their products and brands. Over the past few years, we have made several large investments in new manufacturing capacity in the Greater Asia region, reflecting our long-term commitment to support customers’ growth and success in the region.”
The Company has made several large investments to support the developing markets over the last few years. This includes the opening of a liquid flavors and fragrances manufacturing facility in Singapore; the construction of a new flavors creative center and expansion of the existing manufacturing site in Gebze, Turkey; and the construction of a new dedicated flavors plant in Guangzhou, China. In addition, the Company opened new creative and technical facilities in Delhi, India; in Guangzhou, Beijing and Chengdu, China, and in Dubai, UAE.
International Flavors & Fragrances Inc. (IFF) is a leading global creator of flavors and fragrances used in a wide variety of consumer products. Consumers experience these unique scents and tastes in fine fragrances and beauty care, detergents and household goods, as well as beverages, sweet goods and food products. The Company leverages its competitive advantages of consumer insight, research and development, creative expertise, and customer intimacy to provide customers with innovative and differentiated product offerings. A member of the S&P 500 Index, IFF has more than 5,800 employees working in 32 countries worldwide. For more information, please visit our website at www.iff.com.
This press release contains forward-looking statements under the Federal Private Securities Litigation Reform Act of 1995, which are often identified by words like “believe,” “assume,” “expect,” “should” or similar expressions, and includes statements regarding our expectations with respect to (i) the timing and amount of the investment in the Indonesia facility, (ii) the dates by which the Indonesian creative center will open and when the manufacturing expansion will be completed and (iii) the benefits to us and our customers of the added manufacturing capacity and new creative center. These forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in IFF’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K filed with the Commission on February 26, 2013. We wish to caution readers that certain important factors could cause actual results to differ materially from those expressed in any forward-looking statements made in this press release, including (1) the timing of, and ability to receive, regulatory and other third party approvals necessary for the manufacturing expansion and the opening of the new Indonesian creative center, (2) the ability to complete these projects within the anticipated budgets and (3) the economic climate in the ASEAN markets and future customer demand in the ASEAN markets for IFF’s products.
- Singapore International News
Shelley Young, 212-708-7271
Director, Investor Relations
Micaela Mordkowski, 212-708-7211
Manager, Flavors Communications