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IFF sells NY headquarters

This article was originally published in The Rose Sheet

Executive Summary

Sale of global headquarters building in New York will yield proceeds of approximately $90 mil., which will be used to "substantially" reduce debt and "further improve" overall return on capital, International Flavors & Fragrances announces May 13. Transaction expected to close in June. IFF has signed a long-term lease for space it currently occupies in the building, firm notes. In Q1, IFF reported total net debt of $294.4 mil. and announced opening of salon at headquarters to serve as base for fragrance development in hair care (1"The Rose Sheet" May 5, 2003, p. 6)...

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