International Flavors Mulling Sale Of Lucas Meyer Cosmetics For $1B: Report

• International Flavors & Fragrances, Inc. IFF plans to sell its flavors, fragrances and cosmetic unit Lucas Meyer Cosmetics for about $1 billion. 


• The business could attract interest from rivals like U.K. specialty chemicals group Croda International Plc COIHF, Givaudan S.A. GVDBF of Switzerland, and Germany's Symrise Ag SYIEF, Bloomberg reported, citing people familiar with the matter.


• The report mentioned the company is working with an adviser to explore options for Lucas Meyer Cosmetics.


• Lucas Meyer Cosmetics manufactures ingredients for the cosmetics and personal care industry.


• In the recently-reported first quarter of FY23, CEO Frank Clyburn said, "We remain steadfast in our focus to control what we can control as we solidify profitability, maximize cash flow and drive portfolio optimization to generate strong returns for our shareholders." In the quarter, the company's earnings came in line with the street view of $0.87 per share. 


• Price Action: IFF shares are trading higher by 0.24% to $84.36 Friday at publication.  

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