IFF To Invest Over $50 Million in Strategically Located Flavors Creative and Manufacturing Facility in Turkey to Support Growth
NEW YORK--(BUSINESS WIRE)-- International Flavors & Fragrances Inc. (NYS: IFF) , a leading global creator of flavors and fragrances for consumer products, today announced that it plans to invest over US$50 million in its existing flavors facility in Gebze, Turkey over the next three years. The investment will be allocated to a new, leading-edge, 2,000m2 creative facility and to an expansion of its existing manufacturing site to 18,000m2 to support current and future customers in the developing markets of Europe, Africa, and the Middle East. The Company anticipates opening the site in phases, with the first phase delivering significant capacity expansion and expected to be completed by Q2, 2013.
"I am pleased to announce that over the next three years, we expect to invest significantly in our flavors creative and manufacturing capabilities in Turkey, which will provide additional support to key emerging markets," said IFF Chairman and Chief Executive Officer Doug Tough. "This investment in the facility reflects our continued confidence in our growth strategies in the region and our long-term commitment to these very important markets."
Hernan Vaisman, Group President, Flavors added, "The developing economies of Central, Southern, and Eastern Europe, the Middle East, and Africa are creating increased demand from our customers, so we want to ensure we have the right people and the right infrastructure to support them. Turkey offers an unparalleled strategic hub into the fast-growing emerging markets in the region that will allow us to significantly increase and differentiate our value proposition to our customers."
The new site will be a major center for the Company's creation of flavors and technologies for use by manufacturers of sweet goods, beverages, dairy products and savory prepared foods. The products are tailor-made to address consumer preferences in a wide range of markets across the region. In line with IFF's commitment to sustainability, the building is designed using Leadership in Energy and Environmental Design (LEED) standards.
Matthias Haeni, Regional General Manager, Europe, Africa, and the Middle East (EAME), Flavors, continued, "With this investment, we are putting in place the creative, technical, and sensory talent to support our customers in the region more fully as they seek to differentiate their products and brands. And with the planned efficiency improvements in manufacturing and supply, we will be well-positioned to increase the very important speed-to-market."
The Company has made several large investments in emerging markets over the last year, including the recent opening of a liquid flavors and fragrance manufacturing facility in Singapore, the construction of a new dedicated flavors plant in Guangzhou, China, and the opening of a new creative, technical, sensory, and sales facility for flavors in Delhi, India.
About International Flavors & Fragrances Inc.
International Flavors & Fragrances Inc. (NYS: IFF) is a leading global creator of flavors and fragrances used in a wide variety of consumer products. Consumers experience these unique scents and tastes in fine fragrances and beauty care, detergents and household goods, as well as beverages, sweet goods and food products. The Company leverages its competitive advantages of consumer insight, research and development, creative expertise, and customer intimacy to provide customers with innovative and differentiated product offerings. A member of the S&P 500 Index, IFF has more than 5,600 employees working in 32 countries worldwide. For more information, please visit our website at www.iff.com.
International Flavors & Fragrances Inc.
Shelley Young, 212-708-7271
Carol Brys, 212-708-7121
KEYWORDS: Turkey United States Europe North America New York
The article IFF To Invest Over $50 Million in Strategically Located Flavors Creative and Manufacturing Facility in Turkey to Support Growth originally appeared on Fool.com.
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