INTERNATIONAL FLAVORS & FRAGRANCES INC

International Flavors & Fragrances Inc. (IFF) entered into a Term Loan Credit Agreement for a $1 billion senior unsecured delayed draw term loan facility. The facility, maturing on December 31, 2027, will be used to refinance the company's €800 million 1.800% Senior Notes due September 25, 2026. The loan features interest rates tied to the company's public debt ratings and includes a mandatory prepayment clause linked to the anticipated $3.8 billion net cash proceeds from the sale of its Food Ingredients business segment.

International Flavors & Fragrances Inc. (IFF) has entered into an agreement to sell its Food Ingredients business to affiliates of CVC Capital Partners for approximately $4.3 billion. IFF expects to receive net cash proceeds of about $3.8 billion and will retain a minority equity interest of approximately 9.9%, valued at $200 million. This divestment is a strategic move to simplify IFF's portfolio, focusing on higher-growth, higher-margin businesses like Taste, Scent, and Health & Biosciences, and is expected to strengthen the balance sheet. The transaction is anticipated to close by the end of Q2 2027, with proceeds primarily allocated to debt reduction, share repurchases, and reinvestment, though it is expected to be dilutive to adjusted EPS in the near term.

INTERNATIONAL FLAVORS & FRAGRANCES INC (IFF) reported a net income of $170 million for the first quarter of 2026, a substantial turnaround from a net loss of $1,017 million in the same period last year, which included a significant goodwill impairment. However, net sales for Q1 2026 decreased to $2,741 million from $2,843 million year-over-year. The company completed the divestiture of its Soy Crush, Concentrates & Lecithin business for $105 million in cash proceeds and repurchased $35 million of common stock under its authorized program.

International Flavors & Fragrances Inc. (IFF) reported solid first quarter 2026 financial results, with net sales of $2.74 billion, a 4% decrease year-over-year, but a 3% increase on a comparable currency neutral basis. The company delivered volume growth across all four segments, improved profitability, and generated strong cash flow. IFF also reaffirmed its full-year 2026 financial guidance for sales and adjusted operating EBITDA, despite an unsettled operating environment, and is progressing with the disciplined sale process for its Food Ingredients business.