International Flavors & Fragrances Inc. (IFF) is a leading creator and manufacturer of solutions for the food, beverage, health & biosciences, scent, and pharma industries. The company's core business model revolves around creating and producing ingredients and solutions that are used in a wide variety of consumer products. IFF holds global leadership positions in the Food & Beverage, Home & Personal Care, and Health & Wellness markets. The company's geographic presence is diverse, with sales in the U.S. representing approximately 28% of sales in 2023. IFF competes with other large global companies, mid-sized companies, numerous regional and local manufacturers, and consumer product companies who may develop their own competing products.

• Employees: Approximately 21,500 worldwide (as of December 31, 2023)
• Geographic Footprint: Approximately 40 countries
• Headquarters: New York, NY and Wilmington, DE
• Founded: Not explicitly stated in the 10K
• Number of locations/facilities: Approximately 190 manufacturing facilities, creative centers and application laboratories
• Revenue: $11.479 billion (FY2023)
• Market Capitalization: $20.313 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: Nourish, Health & Biosciences, Scent, and Pharma Solutions

• CEO: J. Erik Fyrwald (since February 6, 2024)
• CFO: Glenn Richter (since February 2023)
• Board Chair: Roger W. Ferguson, Jr.
• Other Key Executives: Yuvraj Arora (President, Nourish), Deborah Borg (Chief Human Resources, Diversity & Inclusion and Communications Officer), Michael De Veau (Senior Vice President, Corporate Finance and Investor Relations), Ralf Finzel (Executive Vice President, Global Operations Officer), Simon Herriott (President, Health & Biosciences and Scent), Jennifer Johnson (Executive Vice President, General Counsel and Corporate Secretary), Angela Strzelecki (President, Pharma Solutions), Vic Verma (Executive Vice President, Chief Information Officer), Casper Vroemen (Executive Vice President, Chief Research & Development Officer)

J. Erik Fyrwald joined IFF from Syngenta, where he served as Chief Executive Officer since 2016. Glenn Richter served as CFO of TIAA prior to joining IFF. The other executives have diverse backgrounds in human resources, finance, operations, and various business segments.

• Annual Revenue: $11.479 billion (FY2023)
• Net Income: $(2.567) billion (FY2023)
• Market Cap: $20.313 billion (as of June 30, 2023)
• Total Assets: $30.978 billion (as of December 31, 2023)
• Number of Employees: Approximately 21,500 (as of December 31, 2023)
• Key Financial Highlights: Sales decreased by 8% on a reported basis and 6% on a currency neutral basis compared to the previous year. Gross profit decreased by 11% on a reported basis. The company recorded a goodwill impairment charge of $2.623 billion.

IFF offers a wide array of products and services across its four main segments:

• Nourish: Natural-based ingredients, flavor compounds, and food design solutions for various food and beverage applications.
• Health & Biosciences: Biotechnology-derived enzymes, food cultures, probiotics, and specialty ingredients for food and non-food applications.
• Scent: Fragrance compounds, fragrance ingredients, and cosmetic ingredients for perfumes, personal care, and household products.
• Pharma Solutions: Cellulosics and seaweed-based pharmaceutical excipients for drug delivery and other specialty applications.

IFF operates through four main business segments:

• Nourish: Sales of $6.060 billion (FY2023)
• Health & Biosciences: Sales of $2.081 billion (FY2023)
• Scent: Sales of $2.393 billion (FY2023)
• Pharma Solutions: Sales of $945 million (FY2023)

There were significant divestitures in the Microbial Control, Savory Solutions, and Flavor Specialty Ingredients businesses during 2022 and 2023. Additionally, the company is in the process of divesting its Cosmetic Ingredients business, expected to close in the first quarter of 2024.

IFF's current strategic priorities include a renewed growth-focused strategy, enhanced cost and productivity initiatives, a redesigned operating model, and a commitment to portfolio optimization. The company aims to strengthen its research and development platforms and adapt its capabilities to provide differentiated products. Key initiatives include focusing on consumer insights, investing in innovation, tailoring products to customer needs, and leveraging its global scale and regulatory capabilities. The company is also focused on sustainability and is working to align its operations with key consumer trends such as health and wellness.

• Key strategic initiatives: Portfolio optimization, cost and productivity improvements, and a focus on innovation.
• Growth drivers: Consumer insights, vertical integration, and technological advances.
• Investment priorities: Research and development, and strategic acquisitions.

IFF operates in a highly competitive market that includes large global companies, mid-sized companies, regional and local manufacturers, and consumer product companies who may develop their own competing products. Key market trends include increasing demand for natural and clean label products, a growing focus on sustainability, and evolving consumer preferences. The company's market position is supported by its in-depth understanding of consumers, vertical integration, innovation, and ability to tailor products to customers' needs.

• Market Position: A leading global creator and manufacturer of ingredients and solutions.
• Key Competitors: Givaudan, DSM-Firmenich, Symrise, Kerry, ADM, Novonesis.
• Industry Trends: Increasing demand for natural ingredients, focus on sustainability, and evolving consumer preferences.

• Market Risks: Intense competition, changes in consumer preferences, and reliance on a limited number of large customers.
• Operational Risks: Supply chain disruptions, geopolitical developments, and climate-change events that may affect procurement of raw materials.
• Financial Risks: High level of indebtedness, inflationary trends, and pricing uncertainty.
• Regulatory Risks: Compliance with governmental regulations, including those related to product safety, quality, efficacy, and environmental impact.
• Cybersecurity Risks: Potential data breaches and disruptions to information technology systems.