Sale of Food Ingredients Business

International Flavors & Fragrances Inc. (IFF) has entered into a definitive agreement to sell its Food Ingredients business to CVC Capital Partners for approximately $4.3 billion. This strategic move aims to streamline IFF's portfolio, sharpen its focus on higher-growth, higher-margin businesses like Taste, Scent, and Health & Biosciences, and strengthen its balance sheet. IFF will retain a minority equity interest of approximately 10% in the divested business, valued at around $200 million, allowing participation in future value creation. The transaction is expected to close by the end of the second quarter of 2027, subject to customary closing conditions and regulatory approvals. The net cash proceeds of approximately $3.8 billion will be used for debt reduction, share repurchases, and reinvestment in core businesses. This divestiture is part of IFF's ongoing portfolio optimization, which has seen the sale of 13 non-core businesses, generating nearly $10 billion in gross proceeds.