IFF Completes Acquisition of David Michael & Co
10 Oct 2016 --- International Flavors & Fragrances Inc., have announced that it has successfully completed the previously announced acquisition of David Michael & Company, Inc.
Founded in 1896, David Michael is headquartered in Philadelphia, PA. The Company is well-known in the industry for its vanilla expertise, strength in the Dairy and Beverage categories, and relationships with dynamic, faster-growing middle-market customers.
With the completion of the acquisition, IFF will begin the process of merging David Michael and IFF-Ottens Flavors, acquired in 2015, to further reinforce its differentiated service model in the US for middle-market customers, thus driving growth and strengthening its North American flavors business.
CEO, Andreas Fibig told FoodIngredientsFirst: “We believe that acquiring David Michael will support our Vision 2020 business strategy by solidifying our #2 Flavors market share position in North America - the largest flavor market globally and our home market; complement our acquisition of Ottens Flavors in terms of capabilities and customer portfolio; bolster our ability to serve mid-market customers; and provide greater expertise in vanilla, dairy, and beverage.”
“Combining the global reach and R&D tool-chest of IFF with the speed, agility, and innovation of David Michael will support the faster development of innovative solutions for mid-tier customers. And, as mentioned earlier, the addition of David Michael to our portfolio gives us a meaningful position in the world's most beloved flavor tonality, vanilla,” he adds.
For Fibig: “In our Vision 2020 business strategy, we targeted $500m-$1B in incremental sales through M&A. David Michael builds on the acquisitions of Lucas Meyer Cosmetics and Ottens Flavors, who, in 1.5 years, have already added $200m. As opportunities present themselves, we will evaluate for strategic fit, as well as their fit from financial, customer, and shareholder perspectives. All our efforts and investments are the logical consequence of the longer-term strategy outlined in Vision 2020.”
