Fragrance firm to invest over $50 mln in Turkey
NEW YORK - Associated Press
IFF will invest over ½50 million in its existing flavors facility in Gebze Turkey over the next three years.International Flavors & Fragrances Inc., a leading global creator of flavors and fragrances for consumer products, announced that it plans to invest over $50 million in its existing flavors facility in Gebze, Turkey over the next three years.
The investment will be allocated to a new, leading-edge, 2,000 square meter creative facility and to an expansion of its existing manufacturing site to 18,000 square meters to support current and future customers in the developing markets of Europe, Africa, and the Middle East. The Company anticipates opening the site in phases, with the first phase delivering significant capacity expansion and expected to be completed by the second quarter of 2013.
Confident in growth strategies for region
“I am pleased to announce that over the next three years, we expect to invest significantly in our flavors creative and manufacturing capabilities in Turkey, which will provide additional support to key emerging markets,” said IFF Chairman and Chief Executive Officer Doug Tough. “This investment in the facility reflects our continued confidence in our growth strategies in the region and our long-term commitment to these very important markets.”
Hernan Vaisman, Group President, Flavors added, “The developing economies of Central, Southern, and Eastern Europe, the Middle East, and Africa are creating increased demand from our customers, so we want to ensure we have the right people and the right infrastructure to support them. Turkey offers an unparalleled strategic hub into the fast-growing emerging markets in the region that will allow us to significantly increase and differentiate our value proposition to our customers.”
The new site will be a major center for the Company’s creation of flavors and technologies for use by manufacturers of sweet goods, beverages, dairy products and savory prepared foods. The products are tailor-made to address consumer preferences in a wide range of markets across the region. In line with IFF’s commitment to sustainability, the building is designed using Leadership in Energy and Environmental Design (LEED) standards.
International Flavors & Fragrances Inc. is a leading global creator of flavors and fragrances used in a wide variety of consumer products. Consumers experience these unique scents and tastes in fine fragrances and beauty care, detergents and household goods, as well as beverages, sweet goods and food products.