Dive Brief:
- International Flavors & Fragrances plans to cut jobs as part of a comprehensive restructuring to optimize costs and streamline its business to better serve customers, the company announced at its Investor Day presentation on Wednesday. IFF is targeting annual savings of $100 million from the reduction.
- By the end of 2023, the company will consolidate its four current business divisions Nourish, Scent, Health & Beauty and Pharma into three Food & Beverage, Household & Personal Care, and Health. It also plans to sell more non-core businesses, setting to announce three divestitures in the first quarter of 2023 that will bring the company $1.2 billion to put toward its debts.
- After IFFs $26.2 billion mega-merger with the for…
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