IFF completes sale of cosmetics ingredients unit to Clariant
THE WHAT? IFF has announced the completion of the sale of its cosmetics ingredients business to Clariant. As part of Clariant, the business will continue to deliver innovative ingredients for the cosmetics and personal care industries.
THE DETAILS The deal was struck back in October, 2023, with the purchase price set at US$810 million. Proceeds from the transaction will be used to reduce outstanding debt, the flavors and fragrances producer said at the time.
THE WHY? IFF CEO Erik Fyrwald, comments, “At IFF, our strategic transformation is focused on bringing leading innovation to best serve target customers in our core businesses. To do this, we are optimizing and streamlining our portfolio to drive simplification and focus. The sale of IFF’s Cosmetic Ingredients Business represents another significant step that will enable us to make more attractive strategic growth investments as we reduce our debt and interest costs. We want to thank our Cosmetics colleagues, who are dedicated to excellence in service. We wish them all the best for their new journey.”
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