10 February, 2022 – 09:11 By Tony Quested
Wall Street quoted International Flavors & Fragrances Inc. (IFF) – which has a centre of excellence in Haverhill – enjoyed double digit growth in Q4 to further boost full-year 2021 results.
Net sales for the fourth quarter were $3.03 billion, an increase of 139 per cent year-on-year and driven primarily by incremental sales related to the merger with Nutrition & Biosciences. Income before taxes on a reported basis for the quarter was $114 million.
Reported net sales for the full year were $11.66bn, up 129 per cent year-on-year – again boosted by the incremental sales related to the merger with N&B.
IFF chairman and CEO Andreas Fibig said: “We are pleased to have achieved another strong year for IFF, with continued growth in sales and profitability as we advanced our transformation strategy.
“We finished the year ahead of our sales target with double-digit growth in the fourth quarter driven by all business segments. I am also pleased that we achieved our synergy target and began optimising our portfolio to create a more efficient organisation and enhance value for our shareholders.
“I am confident that as IFF enters its next chapter, the company will continue to deliver long-term profitable growth and provide significant benefits for all its stakeholders.”