I.F.F. reveals its Vision 2021 plan.
International Flavors & Fragrances, Inc.’s new strategy will be built around speeding business transformation, managing the portfolio, fostering innovation, and opening up growth opportunities.
The strategy’s specifics, dubbed Vision 2021, were revealed on June 5 in New York at the company’s Investor Day conference.
Andreas Fibig, chairman and CEO, stated, “Our Vision 2021 strategy has been designed to leverage our newly combined organization, our broader product portfolio, increased naturals portfolio, expanded market access, broader customer base, and greater innovation pipeline to drive total shareholder return.” “Capital stewardship and disciplined execution are our main priorities.”
Mr. Fibig stated that there are four pillars that make up Vision 2021.First, identifying areas for growth. I.F.F. intends to take advantage of its increased global reach, wider customer base, and broadened product portfolio through this pillar.
Inspiring innovation is the second pillar. I.F.F. stated that in order to maintain and expand its R&D pipeline and quicken its long-term growth, it plans to make investments in high-growth and high-return platforms.
Managing the portfolio will be the third pillar of I.F.F. In order to optimize value creation, the corporation stated that it will concentrate on portfolio optimization.Ultimately, I.F.F. intends to expedite the process of company transformation. The corporation made specific mention of integrating Frutarom and increasing productivity throughout its core business.
A new organizational structure has been unveiled by I.F.F. and will be put into place over the course of the next 12 months to assist the corporation in achieving its Vision 2021 plan. I.F.F. will be divided into three business sectors under the new organizational structure: Taste, Scent, and Nutrition & Ingredients.
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“We think this is a great setup for us,” Mr. Fibig stated on the conference call on June 5. It’s an excellent configuration for teamwork. It’s a fantastic arrangement for maximizing the synergies within the company. Because there have never been any changes to the creative centers or sales force, we have always maintained the two-market organization. The only thing that might have changed is that our creative centers have undergone some modifications, which our clients find rather exciting. .. The Taste Point is currently the U.S. model for an international organization here as well. Specifically, what we have on the Frutarom side are numerous exceptionally talented general managers who understand how to manage their companies locally, and we safeguard this organization because we think it will be really helpful to us in the future.
Matthias Haeni, who has been in charge of Taste since April 2014, will stay in that role, according to I.F.F. Frutarom’s Taste, Savory Solutions, and Inclusions businesses will be included in Taste.As of October 2016, Nicolas Mirzayantz has been leading Scent; Yoni Glickman will be leading Nutrition & Ingredients. Prior to this, Mr. Glickman oversaw Frutarom’s Natural Product Solutions division.
Mr. Fibig stated, “We think we have a really great base to grow the business.” “A more diversified product line that includes several categories we didn’t have before but that are very related to our key competencies, allowing us to build the business more quickly. excellent access to essential lists. We don’t wish to be on any one core list at this time; we actually have access to everything we need. That’s where we are, I believe. Customers that are small and medium-sized account for 60% of our revenues. We currently have the best, largest, and most innovative pipeline in history. Thus, all things considered, we are in a strong position to grow our firm over the next three years.