I.F.F. plans to buy Ottens Flavors

by Jeff Gelski
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NEW YORK – International Flavors & Fragrances, Inc. has agreed to acquire Henry H. Ottens Manufacturing Co., Inc., a Philadelphia-based flavors’ company that is active in such areas as flavor enhancers, sodium reduction and savory flavors. The customer base of Ottens Flavors includes a portfolio of key U.S.-based accounts that complement I.F.F.’s portfolio, I.F.F. said when announcing the transaction April 13.

“This acquisition is an exciting one as it’s the first step in our redefined strategy to win where we compete,” said Andreas Fibig, chairman and chief executive officer of I.F.F. “I.F.F. and Ottens Flavors share rich histories, world class capabilities and a strong commitment to innovation.”

New York-based I.F.F. will use existing resources to fund the transaction, which is expected to add about $60 million in annual revenue. The transaction will be slightly accretive to I.F.F.’s earnings per share in fiscal 2015, excluding transaction costs. Financial terms were not disclosed. The transaction is expected to close in the second quarter of 2015.
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