Salem, Oregon/New York, New York, June 11, 2002 – Kerr Concentrates Inc. (Kerr) and International Flavors & Fragrances Inc. (NYSE: IFF) announced today that Kerr has acquired IFF's fruit and vegetable concentrate business based in Salem, Oregon. The concentrates business employs 35 people and has annual sales of approximately $23 million. The products are used in a wide variety of food and beverage products and are sold to customers throughout the United States as well as in various international markets.
Terms of the transaction were not disclosed.
Mike Alley, Vice President and General Manager of Kerr said, "We are excited to continue Kerr Concentrates' long tradition of providing customers with superior quality fruit and vegetable concentrates, purees and essences. Our experienced team is looking forward to delivering exceptional service and technical expertise to our customers."
Richard A. Goldstein, Chairman and Chief Executive Officer of IFF commented, "This divestiture is a part of IFF's ongoing reorganization efforts and reflects our renewed focus on our high value-added, core flavors and fragrances business."
IFF (www.iff.com) is the world's leading creator and manufacturer of flavors and fragrances used in a wide variety of consumer products – from fine fragrances and toiletries, to soaps, detergents and other household products, to beverages and food products. IFF is dedicated to The Pursuit of Excellence in every area of its business, using knowledge, creativity, innovation and technology to continually provide customers with the highest quality products and service and superior consumer understanding. IFF has sales, manufacturing and creative facilities in 35 countries worldwide and approximate annual revenues of $1.9 billion.
This release contains certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. These include, but are not limited to, uncertainties relating to the cost of fruit and other raw materials, the continuation of customer supply contracts and the costs associated with this, the ability of the Company's industrial customers to achieve sales forecasts, and foreign currency exchange fluctuations. These risks and uncertainties are detailed from time to time in reports filed by the Company with the Securities and Exchange Commission, including Forms 10-Q and 10-K.
Kerr Concentrates Inc.
2340 Hyacinth Street NE
Salem, OR 97303
Contact: Mike Alley
Vice President and General Manager
International Flavors & Fragrances Inc.
521 W. 57th Street
New York, N.Y. 10019
Contact: Douglas J. Wetmore
Senior Vice President
Chief Financial Officer