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IFF reorganization

This article was originally published in The Rose Sheet

Executive Summary

International Flavors & Fragrances will record a nonrecurring pre-tax charge of approximately $20 mil. ($13 mil. after tax) in the first quarter as a result of employee terminations, company reports April 3. IFF recently eliminated over 150 positions primarily in North America and Europe as part of reorganization effort expected to be completed later this year. IFF revealed its reorganization plan aimed at saving approximately $25 mil.-$30 mil. annually in 2000 (1"The Rose Sheet" Oct. 9, 2000, p. 5). At the time of the announcement, IFF expected to incur $90 mil.-$100 mil. in related costs, but the fragrance supplier now anticipates charges of approximately $110 mil. Company expects to report first quarter sales up 5%-6% in line with earlier guidance...
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