IFF acquire flavours company in US
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IFF to acquire flavours company in US

6:01 AM, 14th September 2016
IFF to acquire flavours company in US

NEW YORK, US: International Flavors & Fragrances Inc (IFF) said that it has entered into an agreement to acquire David Michael & Company, Incorporated; strengthen its position in North American flavours business.

Founded in 1896, David Michael is a privately-held flavours company headquartered in Philadelphia, US. The company is well-known in the industry for its vanilla expertise, strength in the Dairy and Beverage categories, and relationships with dynamic, faster-growing middle-market customers.

The transaction, funded from existing resources, is expected to add approximately $85 million in revenue in 2017. Until the transaction closes, which is expected to occur in the fourth quarter of 2016, David Michael and IFF will operate as separate companies.

“This bolt-on acquisition of David Michael is another important milestone in IFF’s Vision 2020 business strategy, helping us to win where we compete in the world’s largest flavours market as we look to further accelerate growth. IFF and David Michael share a strong commitment to innovation, rich histories, and a passion for our customers, making them a great addition to our organization,” said Andreas Fibig, chairman and CEO of IFF.

“For three generations, David Michael has been a vital player in the industry, building an outstanding portfolio of capabilities and customer relationships. Merging and leveraging the strengths of both IFF-Ottens Flavors, acquired in 2015, and David Michael, we look to further reinforce our differentiated service model in the US for middle-market customers, focused on innovation, agility, and enhanced collaboration. The unique go-to-market platform is fueled by technologies that spark the senses and transform the everyday. We look forward to welcoming David Michael into the IFF family,” said Matthias Haeni, group president, Flavors.

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