IFF sells Flavor Specialty Ingredients business to Exponent for $220M

IFF announced it has entered into an agreement to sell its Flavor Specialty Ingredients business to Exponent, a leading UK-based private equity firm, for $220M in cash proceeds. FSI reports through IFF‘s Scent division and is a leading manufacturer of synthetic and natural base aroma chemicals used in the flavor market. Cash proceeds from the transaction, net of taxes and expenses, will be used to reduce outstanding debt. IFF and Exponent expect to close the transaction by the end of Q3 2023, subject to customary closing conditions.