IFF Divests Cosmetics Ingredients Business for $810M

IFF has completed the divestiture of its Cosmetic Ingredients business to Clariant, a sustainably focused specialty chemicals company, for $810 million.

As a part of Clariant, the business will continue to deliver innovative ingredients for the cosmetic and personal care product portfolio.

The Cosmetic Ingredients business unit at IFF develops, manufactures, and markets innovative ingredients for the cosmetic and personal care industry, including active ingredients, functional ingredients, and delivery systems, primarily through the Lucas Meyer Cosmetics brand. Cash proceeds from the transaction will be used to reduce outstanding debt, the company said.

“At IFF, our strategic transformation is focused on bringing leading innovation to best serve target customers in our core businesses,” said IFF CEO Erik Fyrwald. “To do this, we are optimizing and streamlining our portfolio to drive simplification and focus. The sale of IFF's Cosmetic Ingredients Business represents another significant step that will enable us to make more attractive strategic growth investments as we reduce our debt and interest costs. We want to thank our Cosmetics colleagues, who are dedicated to excellence in service. We wish them all the best for their new journey.”

IFF is a leader in food, beverage, health, biosciences, and scent experiences, where science and creativity meet to create essential solutions for a better world. With the beauty of art and the precision of science, the company is an international collective of thinkers who partners with customers to bring scents, tastes, experiences, ingredients, and solutions for products around the world.