IFF Completed Divestiture of Savory Solutions Business
31.5.2023 23:15:00 EEST | Business Wire | Press release
IFF (NYSE:IFF) today announced that it has successfully completed the previously announced divestiture of its Savory Solutions business unit to PAI Partners (PAI), a leading global private equity firm with a strong focus on the food and consumer industry.
Under PAI ownership, Savory Solutions Group has been rebranded to NovaTaste, a global leader in taste innovation with headquarters in Salzburg, Austria.
“The sale of IFF’s Savory Solutions Group represents our continued efforts to optimize our portfolio as we focus on core businesses and strengthen our capital structure,” said Frank Clyburn, IFF CEO. “We remain steadfast in our commitment to further pursue portfolio optimization opportunities as we drive toward our deleverage target by the end of 2024. We’re grateful to our Savory Solutions colleagues, who have demonstrated their commitment to innovation, service and quality. We wish them the best in their new journey.”
Cautionary Statement under the Private Securities Litigation Reform Act of 1995
This press release contains “forward-looking statement” within the meaning of the federal securities laws, including Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” “pursue,” “drive” similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about our deleverage target and portfolio optimization. The forward-looking statements included in this release are made only as of the date hereof, and we undertake no obligation to update the forward-looking statement to reflect subsequent events or circumstances.
Welcome to IFF
At IFF (NYSE: IFF), an industry leader in food and beverage, fragrance, home and personal care, and health and wellness. Innovation is at the heart of IFF’s purpose of applying science and creativity to create a better world – from global icons to unexpected experiences. We are an international collective of thinkers who develop some of the most groundbreaking products in our industry and partner with customers to bring scents, tastes, experiences, ingredients and solutions for products the world craves. Together, we work to design products that offer a positive contribution to people, society and the world around us.
Learn more at iff.com, Twitter , Facebook, Instagram, and LinkedIn.
© 2023 by International Flavors & Fragrances Inc. IFF is a Registered Trademark. All Rights Reserved.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230531005869/en/
Contact information
Media Relations:
Paula Heinkel
332.877.5339
Media.request@iff.com
Investor Relations:
Michael Bender
212.708.7263
Investor.Relations@iff.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
The Global Photonics Community Converges in San Francisco as More Than 23,000 Register for Photonics West 20263.2.2026 23:14:00 EET | Press release
SPIE, the international society for optics and photonics, brought the global optics and photonics community to San Francisco, California, for another successful and enlivening Photonics West. With more than 23,000 registrants, the annual conference and exhibition connected attendees from 40 countries, showcasing the transnational and collaborative spirit of the interdisciplinary industry. The dynamic event ran from 17 to 22 January, with 4,200 technical presentations across 100 conferences, 4 stages of industry-focused panels and presentations, 49 courses, and approximately 1,600 exhibitors in the five expos: Photonics West, BiOS, Quantum West, AR | VR | MR, plus, in its inaugural year, Vision Tech. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260203925940/en/ Attendees of the 2026 SPIE Photonics West fill the Moscone Center, where nearly 1,600 exhibitors showcased their products. With an emphasis on the application of adv
Vena To Acquire Acterys, Creating a New Category of Enterprise Performance Management: Orchestrated Planning3.2.2026 18:00:00 EET | Press release
Vena, the only complete FP&A platform powered by agentic AI and purpose-built to amplify the Microsoft technology ecosystem, today announced it has entered into a definitive agreement to acquire Managility Pty Ltd, operating as Acterys (“Acterys”), the industry’s leading Power BI–based operational planning and app development platform, subject to customary closing conditions and regulatory approval. This acquisition unlocks a category-defining way for enterprises to combine planning, analytics, and application development within the Microsoft tools they already trust to run their business. By combining Vena’s Excel-native financial planning and analysis (FP&A) capabilities with Acterys’ proprietary Power BI write-back engine and unified analytics within Microsoft Fabric, Vena is creating the first Microsoft-native environment for Orchestrated Planning, an operating model that moves organizations beyond integrated planning into fully orchestrated and agentic AI-powered execution. Orches
Volante Technologies named a Leader in Gartner® Magic Quadrant™ for Banking Payment Hub Platforms3.2.2026 17:15:00 EET | Press release
Volante Technologies, the global leader in Payments as a Service (PaaS), today announced its recognition as a Leader in the 2026 Gartner® Magic Quadrant™ for Banking Payment Hub Platforms, which evaluates vendors based on Ability to Execute and Completeness of Vision. In Volante’s view, Gartner positioned them as a Leader based on their capacity to support enterprise-scale payment processing in banks and financial institutions across multiple regions, deployment models, and operational environments. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260203149834/en/ This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. As the highest positioned provider in Ability to Execute, Volante believes its AI-poweredPayments Platform is ISO 20022 native and provides complete, always-on, and composable payment processing support and can be deployed p
Toptal Ranked #1 Most Reliable Professional Services Company in America by Newsweek3.2.2026 17:00:00 EET | Press release
Toptal, the world’s largest fully remote workforce, has been ranked the #1 most reliable professional services company in America on the America’s Most Reliable Companies 2026 list by Newsweek and Statista. The list ranks top US companies based on trust, dependability, and consistent performance in their industry. In Newsweek’s ranking of 300 companies across all industries, Toptal took 10th place, right behind Bank of America and Oracle, which tied for 9th. As the most reliable professional services organization in America, Toptal, which ranked 11th in absolute rankings across all companies, placed well ahead of companies like Accenture (33), Deloitte (39), and Cognizant (66). The America’s Most Reliable Companies 2026 ranking is based on an independent survey of more than 80,000 evaluations submitted by 2,400 business decision-makers at America’s largest companies, including Apple, Dropbox, Johnson & Johnson, and UPS, making this recognition an especially meaningful indicator of prod
HTEC Research Reveals the Real AI Scaling Challenge: It’s Not the Technology3.2.2026 16:46:00 EET | Press release
AI has moved from ambition to action. Every organization is deploying it. Yet for most enterprises, the real challenge is only just beginning. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260203951136/en/ HTEC, a global AI‑first provider of software and hardware design and engineering services, released Executive Summary: A Cross‑Industry View of the State of AI in 2025, a global research report capturing how senior executives are navigating the next phase of AI transformation—and why scaling value remains elusive. Today, HTEC, a global AI‑first provider of software and hardware design and engineering services, released Executive Summary: A Cross‑Industry View of the State of AI in 2025, a global research report that captures how senior executives are navigating the next phase of AI transformation—and why scaling value remains elusive. Based on insights from 1,529 C‑suite executives worldwide, the research offers one of th
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom