International Flavors & Fragrances Inc.’s launched a new strategic initiative, including a realignment of responsibilities in the Fragrance Business Unit under its Group President, Nicolas Mirzayantz, and a reduction in workforce in fragrances, designed to strengthen the Company’s global go-to-market capabilities and improve profitability. The Fragrance Business Unit will reorganize its Functional Fragrances group to align with the global category approach used for Fine Fragrance & Beauty Care and Fragrance Ingredients. IFF will also continue to reallocate a portion of its Functional Fragrance resources from the developed markets to the emerging markets, increasing emphasis on its Singapore and Mexico creative centers.

In the fourth quarter of 2011, IFF will record a pre-tax charge of approximately $10 million, or $0.08 per diluted share after-tax associated with the elimination of approximately 70 positions globally, which is for severance and other employee-related costs. The Company expects to realize pre-tax savings of approximately $9 million in 2012.

“This realignment completes the roll-out of our full category structure within the Fragrance Business Unit,” said Mirzayantz. “We believe this will strengthen our expertise and ability to win in key categories and key markets while simultaneously simplifying our decision-making process, improving resource allocation, and enhancing collaboration, as we continue to deliver consumer-preferred fragrances to our customers.”

According to Doug Tough, IFF’s chairman and chief executive officer the changes are expected to provide improved business fundamentals that, when combined with IFF’s strategy to leverage its geographic reach, strengthen its innovation platform and maximize its portfolio, should create long-term value for shareholders.