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IFF Announces Long-Term Strategic & Financial Vision

Published: 2022-12-07 11:54:00 ET
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NEW YORK--(BUSINESS WIRE)-- IFF (NYSE: IFF) today announced the next phase of its strategic transformation by previewing its refreshed strategic plan and new operating model, developed through an extensive assessment with the Company’s senior leadership, customers, investors and key partners.

At its Investor Day on Dec. 7, 2022, IFF management will provide additional commentary on the following financial and strategic initiatives:

  • Growth-Focused Strategy: IFF shared a new strategic framework, positioning the Company to Do What Matters Most, driving sustained profitable growth, deepening its commitment to customers, and embedding Environmental, Social and Governance (ESG+) priorities across the entire enterprise.
  • Enhanced Cost & Productivity Initiatives: IFF communicated an additional $100 million in run-rate savings to support reinvestment and grow earnings. The Company expects to realize net annualized savings of approximately $350 to $400 million during the 2023-2025 period.
  • Redesigned Operating Model: IFF outlined plans to create a simplified operating structure more closely aligned to end markets and customer demand.
  • Financial Guidance: IFF introduced its preliminary financial outlook for 2023, where it expects to achieve mid-single digit adjusted operating EBITDA growth on a currency-neutral basis and outlined its long-term financial objectives. The Company expects – on average – to grow sales by 4% to 6% and adjusted operating EBITDA by 8% to 10%, on a comparable currency neutral basis over the 2024, 2025 and 2026 period. In addition, the Company expects to reach