IFF announced that it successfully completed the previously announced divestiture of its Flavor Specialty Ingredients (FSI) business to Exponent, a leading UK-based private equity firm, on 1 August 2023.

“The sale of our FSI business unit is another step in our journey to continuously maximize value,” said Frank Clyburn, IFF chief executive officer. “Portfolio optimization is a central part of our ongoing strategy to improve growth and returns. This focus allows us to concentrate on our most attractive businesses and strengthen our capital structure by reducing outstanding debt. We’d like to thank our FSI colleagues for their demonstrated commitment to innovation, service and quality. We wish them the best for their new journey.”