IFF restructuring
This article was originally published in The Rose Sheet
Executive Summary
International Flavors & Fragrances will cut approximately 300 jobs, or 6% of its workforce, mainly in manufacturing, selling, research and administration functions in its European and North American operating regions, firm announces Jan. 10. Initiative will result in pre-tax restructuring charges of $25 mil.-$30 mil., most of which will be recognized in the fourth quarter, IFF says. "These actions are a necessary part of our ongoing efforts to maintain and improve IFF's profitability in the economic environment in which we operate," according to IFF CEO Richard Goldstein. Firm anticipates 2005 sales to be down 2%, impacted by the divestiture of its European fruit preparations business in 2004, IFF states. Company expects to release 2005 Q4 and full year earnings Jan. 25...