SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
____________
FORM
8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date
of report (Date of earliest event reported)
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March
29, 2010
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INTERNATIONAL
FLAVORS & FRAGRANCES INC.
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(Exact
Name of Registrant as Specified in
Charter)
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New
York
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1-4858
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13-1432060
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(State
or Other Jurisdiction
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(Commission
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(I.R.S.
Employer
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||
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of
Incorporation)
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File
Number)
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Identification
No.)
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521
West 57th Street, New York, New York
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10019
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code
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(212)
765-5500
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Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General
Instruction A.2. below):
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b) |
| o |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c)
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Item
7.01 Regulation
FD Disclosure
On March
29, 2010, International Flavors & Fragrances Inc. issued the press release
being furnished as Exhibit 99.1 to this Current Report on Form 8-K, which is
incorporated herein by reference.
The
information in this report, including the exhibits hereto, (i) shall not be
deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended, or otherwise subject to the liabilities of that section and
(ii) shall not be incorporated by reference into any filing of the Company with
the Securities and Exchange Commission, whether made before or after the date
hereof, regardless of any general incorporation language in such filings (unless
the Company specifically states that the information or exhibits in this
particular report are incorporated by reference).
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(d)
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Exhibits
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Exhibit
No.
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Document
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99.1
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Press
Release of International Flavors & Fragrances Inc., dated March 29,
2010.
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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INTERNATIONAL
FLAVORS &
FRAGRANCES
INC.
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Dated:
March 29, 2010
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By:
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/s/ Dennis M. Meany | |
| Name: | Dennis M. Meany | ||
| Title: | Senior Vice President, General Counsel and Secretary | ||
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99.1
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Press
Release of International Flavors & Fragrances Inc., dated March 29,
2010.
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Exhibit
99.1
FOR IMMEDIATE
RELEASE
International
Flavors and Fragrances, Inc.
| NEWS RELEASE |
IFF
STRENGTHENS FIRST QUARTER 2010 OUTLOOK
Local
Currency Sales Trending to Low Double-Digit Growth
Adjusted
Quarterly EPS Near Record Levels
NEW YORK, N.Y., March 29, 2010
– International Flavors & Fragrances Inc. (NYSE: IFF), a leading
global creator of flavors and fragrances for consumer products, today announced
that improving business trends are driving better than anticipated financial
results for the first quarter of 2010.
Local
currency sales is trending to low double-digit growth, as all categories,
including Fine Fragrance, are showing significant improvements versus the
year-ago period. Trends in the emerging markets continue to be
strong, particularly Greater Asia, where every category is experiencing
double-digit growth. The effects on margin have been positive and as
a result, adjusted quarterly EPS is expected to be near record
levels.
“IFF
continues to execute a successful strategy that enables us to generate strong
financial results,” said Doug Tough, Chairman and Chief Executive
Officer. “We are seeing a significant improvement in our business
segments, including double-digit growth in the Fine Fragrance
category. While we continue to see strong commercial performance
relative to new customer business, a portion of this improvement can be
attributed to favorable comparisons versus the year ago period as well as some
elements of customer restocking.”
The
Company expects to webcast its first quarter 2010 earnings conference call with
financial analysts and investors on Thursday, May 6, 2010 at 10:00 a.m.
ET. The live webcast will be accessible through the Company's website
at www.iff.com. A replay of the conference call will be archived and
available online through the Investor Relations section of the
site.
Mr. Tough
added, “As we have realized some benefit of customer restocking, we continue to
be mindful that this may well be an isolated event, as economic conditions
remain fluid. As a result, we plan to monitor our performance as we
look to make targeted investments to strengthen our marketplace position
throughout the balance of the year.”
About
IFF
International
Flavors & Fragrances Inc. (NYSE: IFF), is a leading global creator of
flavors and fragrances used in a wide variety of consumer products and packaged
goods. Consumers experience these unique scents and tastes in fine
fragrances and beauty care, detergents and household goods, as well as
beverages, confectionery and food products. The Company leverages its
competitive advantages of brand understanding and consumer insight combined with
its focus on R&D and innovation, to provide customers with differentiated
product offerings. A member of the S&P 500 Index, IFF has sales,
manufacturing and creative facilities in 32 countries worldwide. For more
information, please visit our website at www.iff.com.
Cautionary Statement Under
The Private Securities Litigation Reform Act of 1995
Our
outlook for the first quarter is based on the Company's preliminary estimates
and is subject to our forward looking statement accompanying this report and
does not represent a guarantee of future performance. This outlook is based on
our preliminary estimates made in good faith and, along with other statements
included in this report that are not historical facts or information, are
“forward-looking statements” within the meaning of The Private Securities
Litigation Reform Act of 1995.
Such
forward-looking statements are based on management’s current assumptions,
estimates and expectations. Certain of such forward-looking information may be
identified by such terms as ”expect”, “anticipate”, “believe”, “outlook”,
“guidance”, “may” and similar terms or variations thereof. All information
concerning future revenues, tax rates or benefits, interest and other savings,
earnings and other future financial results or financial position, constitutes
forward-looking information. Such forward-looking statements involve significant
risks, uncertainties and other factors. Actual results of the Company may differ
materially from any future results expressed or implied by such forward-looking
statements. Such factors include, among others the following: general
economic and business conditions in the Company’s markets, especially given the
current disruption in global economic conditions, including economic and
recessionary pressures; energy and commodity prices; decline in consumer
confidence and spending; significant fluctuations in the value of the U.S.
dollar; population health and political uncertainties, and the difficulty in
projecting the short and long-term effects of global economic conditions;
fluctuating interest rates; continued volatility and deterioration of the
capital and credit markets and any adverse impact on our cost of and access to
capital and credit; fluctuations in the price, quality and availability of raw
materials; the Company’s ability to implement its business strategy, including
the achievement of anticipated cost savings, profitability and growth targets;
the impact of currency fluctuation or devaluation in the Company’s principal
foreign markets, especially given the current disruptions to such currency
markets, and the impact on the availability, effectiveness and cost of the
Company’s hedging and risk management strategies; the outcome of uncertainties
related to litigation; the impact of possible pension funding obligations and
increased pension expense on the Company’s cash flow and results of operations;
and the effect of legal and regulatory proceedings, as well as restrictions
imposed on the Company, its operations or its representatives by U.S. and
foreign governments. The Company intends its forward-looking statements to speak
only as of the time of such statements and does not undertake or plan to update
or revise them as more information becomes available or to reflect changes in
expectations, assumptions or results.
Any
public statements or disclosures by IFF following this report that modify or
impact any of the forward-looking statements contained in or accompanying this
report will be deemed to modify or supersede such outlook or other
forward-looking statements in or accompanying this report.
Certain
other factors which may impact our financial results or which may cause actual
results to differ from such forward-looking statements are also discussed in the
Company’s periodic reports filed with the Securities and Exchange Commission and
available on the IFF website at www.iff.com under
“Investor Relations”. You are urged to carefully consider all such
factors.
Investor
Contact:
Michael
DeVeau
212-708-7164