IFF Enters $450 Share Repurchase Program
Under the ASR program, IFF expects to repurchase 10 percent of its currently outstanding stock, approximately 8 million shares of which are expected to be delivered to IFF on September 28, 2007.
19/09/07 International Flavors & Fragrances Inc. (IFF), a leading creator of flavors and fragrances, announced today that it has entered into a $450 million accelerated share repurchase (ASR) program with Morgan Stanley.
Under the ASR program, IFF expects to repurchase 10 percent of its currently outstanding stock, approximately 8 million shares of which are expected to be delivered to IFF on September 28, 2007. Additional shares may be delivered to the Company by the second quarter of 2008 based on the volume-weighted average price of the Company’s stock during the ASR period. IFF is acquiring these shares under a previously announced $750 million share repurchase program approved by IFF’s Board of Directors on July 24, 2007.
“Today’s announcement reflects our confidence in our long-term growth and improved profitability,” said Robert M. Amen, Chairman and Chief Executive Officer of IFF. “In addition, our strong balance sheet and significant free cash flow allow us the flexibility to return cash to shareholders while we invest to grow.”
