International Flavors Completes Acquisition Of David Michael
Zacks Investment Research | Oct 12, 2016 06:34AM ET
New York-based International Flavors & Fragrances Inc. (NYSE:IFF) recently announced that it has successfully completed the acquisition of Philadelphia, PA-based David Michael & Company, Incorporated. Financial terms of the deal were not disclosed.
As revealed, David Michael & Company, a privately held flavors company, is recognized for its product line in the dairy and beverages industries. Among many products, the firm’s vanilla-based flavors deserve a special mention.
International Flavors & Fragrances, as disclosed earlier, funded the transaction through its existing resources.
With the addition of David Michael & Company, International Flavors & Fragrances expects to boost its flavors business in the fast-growing middle-markets of North America. In addition to complimenting the company’s IFF-Ottens Flavors business, the acquired assets will likely generate incremental revenue of $85 million in 2017.
We believe such acquisitions are consistent with International Flavors & Fragrances’ expansionary policy and its Vision 2020 business strategy. The company prefers to invest in acquisitions as a means to gain access to new customers, regions and technologies. A diverse portfolio and product mix, along with new business wins, should help International Flavors & Fragrances deliver solid results in the quarters ahead.
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