International Flavors and Fragrances
Encyclopedia
International Flavors & Fragrances (IFF) is a major producer of flavor
s and fragrances with sales of $2.6 billion in 2010.
Major competitors include Firmenich
, Givaudan
, and Symrise
. IFF is a member of the S&P 500
.
town of Zutphen to process concentrated fruit juices.
IFF was listed on the New York Stock Exchange
in 1964. The company has paid dividend
s to shareholders since 1956. In 2000, the board of directors cut the dividend from $0.38 per share to $0.15 per share, beginning with the fourth quarter 2000 dividend. This action ended a 39-year history of uninterrupted dividend increases, and greatly disappointed shareholders. The most recent dividend declared was $0.25 per share on the common stock of the corporation, payable on April 3, 2009, to shareholders of record on March 20, 2009.
On May 9, 2006, former Chairman and CEO Richard A. Goldstein retired from IFF. Arthur C. Martinez was named as interim Chief Executive and Chairman. Martinez was formerly chairman and CEO of Sears, Roebuck and Company
.
On June 29, 2006, IFF announced the appointment of Robert Amen
as their new Chairman of the Board and Chief Executive Officer, effective July 1. Amen was previously president of International Paper
. Interim chief executive Arthur C. Martinez returned to his role as Lead Director of IFF.
allegedly resulting from exposure to diacetyl
in butter flavorings by workers at the Glister-Mary Lee popcorn
plant in Jasper, Missouri
. The plaintiffs claim the manufacturers knew about the dangers of the butter flavoring used in the popcorn factory but failed to give a warning. The defendants said they were unaware of the risk and suggested there was not enough evidence to prove their product had caused the disease. Several suits have already been settled amounting to almost $53 million in damages.
Flavor
Flavor or flavour is the sensory impression of a food or other substance, and is determined mainly by the chemical senses of taste and smell. The "trigeminal senses", which detect chemical irritants in the mouth and throat as well as temperature and texture, are also very important to the overall...
s and fragrances with sales of $2.6 billion in 2010.
Major competitors include Firmenich
Firmenich
Firmenich SA is a private Swiss company in the perfume and flavor business, it is the largest privately-owned company in the perfume and flavor business, and ranks number two worldwide., Firmenich has created many of the world’s favorite perfumes for over 100 years and produced a number of the most...
, Givaudan
Givaudan
Givaudan is a Swiss manufacturer of flavorings and fragrances. As of 2008, it is the world's largest company in the industry.-Background:The company's scents and flavors are developed most often for food and beverage makers, but they are also used frequently in household goods, as well as grooming...
, and Symrise
Symrise
Symrise is a major producer of flavors and fragrances with sales of € 1,572 million in 2010. Major competitors include Firmenich, Givaudan, International Flavors and Fragrances and Takasago International.-History:...
. IFF is a member of the S&P 500
S&P 500
The S&P 500 is a free-float capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock...
.
History
IFF was founded in 1958 by the merger between the worldwide operations of Polak & Schwarz and van Ameringen-Haebler. A.L. van Ameringen had immigrated to the U.S. in 1917 to work for Polak & Schwarz before leaving to open his own business, later to become Ameringen-Haebler in 1929. IFF predecessor Polak & Schwarz was formed in 1889 by Joseph Polak and Leopold Schwarz in the small DutchNetherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
town of Zutphen to process concentrated fruit juices.
IFF was listed on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
in 1964. The company has paid dividend
Dividend
Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders. When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business , or it can be distributed to...
s to shareholders since 1956. In 2000, the board of directors cut the dividend from $0.38 per share to $0.15 per share, beginning with the fourth quarter 2000 dividend. This action ended a 39-year history of uninterrupted dividend increases, and greatly disappointed shareholders. The most recent dividend declared was $0.25 per share on the common stock of the corporation, payable on April 3, 2009, to shareholders of record on March 20, 2009.
On May 9, 2006, former Chairman and CEO Richard A. Goldstein retired from IFF. Arthur C. Martinez was named as interim Chief Executive and Chairman. Martinez was formerly chairman and CEO of Sears, Roebuck and Company
Sears, Roebuck and Company
Sears, officially named Sears, Roebuck and Co., is an American chain of department stores which was founded by Richard Warren Sears and Alvah Curtis Roebuck in the late 19th century...
.
On June 29, 2006, IFF announced the appointment of Robert Amen
Robert Amen
Robert M. Amen served as the Chairman and CEO of International Flavors and Fragrances from 2006 to 2009.-Early life and career:Amen holds a bachelor's degree from Boston College and a master in business administration from Columbia Business School in 1973....
as their new Chairman of the Board and Chief Executive Officer, effective July 1. Amen was previously president of International Paper
International Paper
International Paper Company is an American pulp and paper company, the largest such company in the world. It has approximately 59,500 employees, and it is headquartered in Memphis, Tennessee.-History:...
. Interim chief executive Arthur C. Martinez returned to his role as Lead Director of IFF.
Popcorn Lung
IFF and its subsidiary Bush Boake Allen have been involved in several lawsuits relating to cases of bronchiolitis obliteransBronchiolitis obliterans
Bronchiolitis obliterans , also called obliterative bronchiolitis and constrictive bronchiolitis , is a rare and life-threatening form of non-reversible obstructive lung disease in which the bronchioles are compressed and narrowed by fibrosis and/or inflammation...
allegedly resulting from exposure to diacetyl
Diacetyl
Diacetyl is a natural byproduct of fermentation. It is a vicinal diketone with the molecular formula C4H6O2...
in butter flavorings by workers at the Glister-Mary Lee popcorn
Popcorn
Popcorn, or popping corn, is corn which expands from the kernel and puffs up when heated. Corn is able to pop because, like sorghum, quinoa and millet, its kernels have a hard moisture-sealed hull and a dense starchy interior. This allows pressure to build inside the kernel until an explosive...
plant in Jasper, Missouri
Jasper, Missouri
Jasper is a city in Jasper County, Missouri, United States. The population within the city limits was 931 at the 2010 census. It is part of the Joplin, Missouri Metropolitan Statistical Area.-Geography:Jasper is located at ....
. The plaintiffs claim the manufacturers knew about the dangers of the butter flavoring used in the popcorn factory but failed to give a warning. The defendants said they were unaware of the risk and suggested there was not enough evidence to prove their product had caused the disease. Several suits have already been settled amounting to almost $53 million in damages.