New York, N.Y., March 22, 2000 - International Flavors & Fragrances Inc. (IFF) announced today that it has signed an agreement to acquire Laboratoire Monique Rémy (LMR), a leader in the creation and commercialization of natural raw materials for fragrances and flavors, and its affiliated companies.
LMR, founded in Grasse, France 16 years ago by Mme. Monique Rémy, operates state-of-the-art laboratory and manufacturing facilities in Grasse and an extraction plant in Lozère, in central France. The company is recognized for the uniqueness and high quality of its products, which it sells to customers throughout the world.
The acquisition of LMR is a key element of IFF’s long-term strategy to strengthen its already leading position in the development and use of natural ingredients. In addition to adding a number of new and important natural materials to the IFF portfolio, it will enhance IFF’s global research and development program for natural products and enable IFF to leverage its creativity across all product categories, especially in fine fragrances, through the development of new proprietary ingredients.
After completion of the acquisition, expected at the end of April 2000, in addition to continuing to head LMR, Mme. Rémy will assume an important role in the IFF worldwide R&D effort. The LMR facility in Grasse will be a key resource for training the global IFF creative team and for sharing with customers the latest developments in natural product research and development.
IFF is the world’s leading creator and manufacturer of flavor and fragrance products used by others to impart or improve flavor or fragrance in a wide variety of consumer products. IFF has sales, manufacturing and creative facilities around the world.
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Cautionary Statement Under the Private Securities Litigation Reform Act of 1995
Statements in this release that are not historical facts or information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to risks and uncertainties that could cause IFF’s actual results to differ materially from those expressed or implied by such forward-looking statements. Risks and uncertainties with respect to IFF’s business include general economic and business conditions, the price and availability of raw materials, and political and economic uncertainties, including the fluctuation or devaluation of currencies in countries in which IFF does business.
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