IFF to acquire David Michael14 Sep 2016
International Flavors & Fragrances (IFF) has agreed to acquire David Michael & Company, a privately-held flavours company headquartered in Philadelphia, PA, with strength in vanilla and the dairy and beverage categories.
International Flavors & Fragrances (IFF) has agreed to acquire David Michael & Company, a privately-held flavours company headquartered in Philadelphia, PA, with strength in vanilla and the dairy and beverage categories.“This bolt-on acquisition of David Michael is another important milestone in IFF’s Vision 2020 business strategy, helping us to win where we compete in the world’s largest flavours market as we look to further accelerate growth,” said IFF Chairman and CEO Andreas Fibig. “IFF and David Michael share a strong commitment to innovation, rich histories, and a passion for our customers, making them a great addition to our organization.”“For three generations, David Michael has been a vital player in the industry, building an outstanding portfolio of capabilities and customer relationships,” said Matthias Haeni, Group President, Flavors. “Merging and leveraging the strengths of both IFF-Ottens Flavors, acquired in 2015, and David Michael, we look to further reinforce our differentiated service model in the US for middle-market customers, focused on innovation, agility, and enhanced collaboration. The unique go-to-market platform is fuelled by technologies that spark the senses and transform the everyday. We look forward to welcoming David Michael into the IFF family.”The transaction is expected to add approximately $85 million in IFF revenue in 2017. Financial terms of the deal have not been disclosed.
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