IFF board authorizes buyback plan
A new $200 million share repurchase program is expected to be completed over the next 24–30 months.
12/05/05 International Flavors & Fragrances Inc. has announced that its Board of Directors had authorized a new $200 million share repurchase program which is expected to be completed over the next 24–30 months. An existing $100 million authorization, in effect since July 2004, is nearly complete. The new repurchase program represents approximately 5.3 million shares at the current market price. The purchases will be made from time to time on the open market or through private transactions as market and business conditions warrant. Reacquired shares will be available for use under the Company’s employee benefit plans and for other general corporate purposes.
Meanwhile IFF said that its Board of Directors had voted to increase the Company’s regular quarterly cash dividend by 5.7%, from 17.5 cents to 18.5 cents per share, on the common stock of the Corporation. The cash dividend is payable July 7, 2005 to those who are shareholders of record on June 23, 2005.
“I am pleased the Board has taken these decisions. We have made substantial progress in paying down debt and improving our cash flows; these actions reflect our confidence in the Company’s long-term growth prospects and our commitment to building shareholder value,” stated Richard A. Goldstein, IFF’s Chairman and CEO.
