IFF · 8-K · 20260804PR000028
Acquisitions and Divestitures
INTERNATIONAL FLAVORS & FRAGRANCES INC · 2026-08-04 · Importance 77 · Surprise 82 · Contradicted
The comparable presentation excludes the Rene Laurent business following its divestiture on December 1, 2025. It also excludes the Pharma Solutions disposal group and Nitrocellulose business following divestitures completed on May 1, 2025 and May 9, 2025, respectively. The reconciliation records $111 million of losses on business disposals for the six months ended June 30, 2025, compared with $1 million in the first six months of 2026. Divestiture costs declined to $15 million year to date in 2026 from $77 million in 2025.
Key facts
- The Food Ingredients transaction is expected to close by the end of the second quarter of 2027, subject to customary closing conditions and receipt of regulatory approvals. source
- On May 29, 2026, IFF entered into a definitive agreement to sell its Food Ingredients disposal group to CVC Capital Partners for net cash proceeds of approximately $3.8 billion, subject to customary transaction adjustments. source
- On March 2, 2026, the Company completed the divestiture of the SCL disposal group. source
- Beginning in the second quarter of 2026, the financial results of the Food Ingredients disposal group and the SCL disposal group prior to its divestiture on March 2, 2026, are reflected in IFF’s Consolidated Financial Statements as discontinued operations. source
- IFF will retain an approximately 10% minority equity interest in the Food Ingredients business as part of the transaction. source
- In the six months ended June 30, 2026, adjusted operating EBITDA from discontinued operations was $275 million and adjusted operating EBITDA from continuing operations was $841 million, totaling $1,116 million inclusive of discontinued operations. source
- Note: Pharma Solutions sales and segment adjusted operating EBITDA exclude the Pharma Solutions disposal group divested on May 1, 2025 and the Nitrocellulose business divested on May 9, 2025. source
- Losses on Business Disposals for six months ended June 30, 2025: $(111) million. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +43.0% | In the six months ended June 30, 2026, adjusted operating EBITDA from discontinued operations was $275 million and adjusted operating… |
| operating_income | positive | realized | +14.1% | In the six months ended June 30, 2026, adjusted operating EBITDA from discontinued operations was $275 million and adjusted operating… |
| cash | positive | committed | +12.8% | On May 29, 2026, IFF entered into a definitive agreement to sell its Food Ingredients disposal group to CVC Capital Partners for net cash… |
| assets | positive | committed | — | IFF will retain an approximately 10% minority equity interest in the Food Ingredients business as part of the transaction. |