IFF to Invest Over $100 Million in China & Singapore
Today's investment reflects continued confidence in growth strategies in the region and long-term commitment to these very important emerging markets.
1/13/2011 --- International Flavors & Fragrances Inc., a leading global creator of flavors and fragrances for consumer products, has announced that it plans to invest over $100 million in Greater Asia over the next three years. The investment will be allocated to two new state-of-the-art manufacturing facilities located in Guangzhou, China and Singapore.
"I am pleased to announce that over the next three years we expect to invest a significant portion of our capital expenditure in Greater Asia," said IFF Chairman and Chief Executive Officer Doug Tough. "As growth in this region continues to accelerate, it is important that we align our infrastructure to support our capacity requirements. Today's investment reflects our continued confidence in our growth strategies in the region and our long-term commitment to these very important emerging markets."
The Guangzhou site will be dedicated to flavors production while the facility in Singapore will be used for both flavor and fragrance production. Located near the existing IFF sites, both new facilities are ideally situated to ensure a smooth transition with experienced in-house talent. Together, the sites will considerably expand capacity for the Greater Asia region well into the future.
“The two new sites are being built to ensure IFF’s ability to meet its customers’ present and future demands addressing areas such as capacity, quality, and compliance. Both facilities are purpose-built, state of the art, and incorporate global best practices. The processes are in place to improve efficiency, productivity and speed through world-class automation, electronic weight control system and improved work flow. Enhanced regulatory and safety systems are built in to ensure the highest level of compliance possible,” Eduardo Alejandrino, VP Flavors, Greater Asia told FoodIngredientsFirst.
When asked to comment on the key trends in these markets Alejandrino said, “Given the diversity of Asia, it is challenging to generalize on all trends, however the major themes we observe are as follows: In China and Southeast Asia, we are seeing tremendous economic growth and this has led to changes in consumer demands. Working people with larger amounts of disposable income are now looking for prepared and convenience foods that fit better into their lifestyles. Further, across the region, there are parallel trends toward both value-priced products as well as increased demand for premium goods, such as those with added value or functional benefits.”
Doug Tough continued, "On the heels of the investment into our Creative Center in Shanghai, today's announcement underscores our belief in the region, the strength of our Asian teams, and IFF's dedication to serving the present and future needs of our customers."
