Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



International Flavors & Fragrances Closing Georgia Factory

Watch stocks you care about

The single, easiest way to keep track of all the stocks that matter...

Your own personalized stock watchlist!

It's a 100% FREE Motley Fool service...

Click Here Now

New York City-based International Flavors & Fragrances (NYSE: IFF  ) is closing a factory south of the Mason-Dixon.

On Friday, the $6.4 billion company announced that it will shutter its Fragrances Ingredients plant in Augusta, Ga. by July 2014, and consolidate production into other IFF factories.

IFF characterized the plan as "supporting the company's objective to ensure operations are cost-efficient and competitive." Nicolas Mirzayantz, IFF Fragrances Group President, explained that: "With a changing competitive environment, we have decided to streamline those parts of our business that support lower value-added, commodity-like ingredients and remain focused on those areas that are more value-enhancing."

Senior Vice President for Fragrance Ingredients Rob Edelman added that "we do not make decisions such as this lightly. We value our employees and will do everything possible to treat them with fairness and sensitivity."

IFF employs 54 people at the plant in Augusta, according to government figures. The company did not disclose what severance plans it has for these employees, nor say what financial effect it expects the move to have on this year's profits. IFF shares closed 1.5% higher in Friday trading, at $77.94.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2408212, ~/Articles/ArticleHandler.aspx, 9/29/2016 11:29:58 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,283.02 -56.22 -0.31%
S&P 500 2,163.89 -7.48 -0.34%
NASD 5,291.58 -26.97 -0.51%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/29/2016 11:14 AM
IFF $141.98 Down -0.03 -0.02%
International Flav… CAPS Rating: ***