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IFF divests fragrance aromachemicals

This article was originally published in The Rose Sheet

Executive Summary

Close Brothers Private Equity to acquire Widnes, UK-based business, forming Aroma & Fine Chemicals, firms announce Dec. 7. New company will have an annual turnover of $28.5 mil. (£1=$1.43) and will employ 80 people. Under the guidance of Managing Director Steven Pipe, A&FC will manufacture fragrances used in a wide variety of designer scents, personal care and household products. Firm will reside on site previously occupied by Bush Boake Allen before its acquisition by IFF last year. IFF previously said it would sell the majority of the BBA aromachemicals business to pay down debt (1"The Rose Sheet" Feb. 26, In Brief)...

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Majority of aromachemicals business acquired through Bush Boake Allen purchase will be divested to pay down debt, which was approximately $1.25 bil. as of Dec. 31, CEO Richard Goldstein announces during conference call Feb. 20. IFF is in preliminary discussions with potential buyers for the business, which generated sales of approximately $100 mil. in 2000, company says. Divestiture is among reorganization efforts predicted to achieve cost savings of $25 mil.-$30 mil. by 2003 (1"The Rose Sheet" Oct. 9, 2000, p. 5). Approximately $2 mil. in savings will be achieved by first quarter and $8 mil. by second quarter, Goldstein adds. Additionally, substantial portion of 56 duplicate operating facilities and sales offices around the world will be closed, resulting in approximately 270 eliminated positions by March 31, exec says

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