IFF said it entered into a definitive agreement on March 19, 2024 to sell its Pharma Solutions business unit to French plant-based ingredients company Roquette. The sale includes the Global Specialty Solutions business.

8-KRegulation FD DisclosureFiled Mar 19, 2024Period of report Mar 19, 2024Summary published (UTC) Oct 28, 2026

Key points

AI summary

IFF said it entered into a definitive agreement on March 19, 2024 to sell its Pharma Solutions business unit to French plant-based ingredients company Roquette. The sale includes the Global Specialty Solutions business.
The company said the sale carries an enterprise value of up to $2.85 billion, or about 13x times EBITDA.
Roquette and IFF said the sale and the dividend rightsizing are a significant step toward reducing debt leverage to 3.0x or below.
The company said Pharma Solutions operates 10 research and development and/or production sites globally, employs about 1100 people, and generated approximately $1B in revenue in 2023. The company and Roquette said they expect to close the transaction in the first half of 2025, subject to applicable information and/or consultation requirements and customary closing conditions, including regulatory approvals.

Summary

AI-written

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

Pharma Solutions Business Sale Agreement

IFF said it entered into a definitive agreement on March 19, 2024 to sell its Pharma Solutions business unit to French plant-based ingredients company Roquette. The sale includes the Global Specialty Solutions business.

Source · Based on the filing body and exhibits

Enterprise Value of Up to $2.85 billion

The company said the sale carries an enterprise value of up to $2.85 billion, or about 13x times EBITDA.

Source · Based on the filing body and exhibits

Target Debt Leverage of 3.0x or Below

Roquette and IFF said the sale and the dividend rightsizing are a significant step toward reducing debt leverage to 3.0x or below.

Source · Based on the filing body and exhibits

Scope of Sale and Closing Timeline

The company said Pharma Solutions operates 10 research and development and/or production sites globally, employs about 1100 people, and generated approximately $1B in revenue in 2023. The company and Roquette said they expect to close the transaction in the first half of 2025, subject to applicable information and/or consultation requirements and customary closing conditions, including regulatory approvals.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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