IFF to shed 70 jobs, realign fragrances business

International Flavors & Fragrances said it will cut about 70 jobs globally in its fragrances business and other parts of the company, and take a $10 million pretax charge.

The company said it will realign responsibilities in the fragrance business unit under its group President Nicolas Mirzayantz, adding that the unit will reorganize its functional fragrances group.

IFF will continue to reallocate a portion of its functional fragrance resources from developed markets to emerging ones.

IFF will take a pretax charge of about $10 million, or 8 cents per share aftertax, for severance and other employee-related costs.

The company said it expects to realize pretax savings of about $9 million in 2012.

IFF, which has been creating flavors and fragrances for more than 170 years, works with leading global brands to develop scents and tastes for products that are household names. It is a leading supplier for Procter & Gamble.

IFF shares closed at $55.70 on Tuesday on the New York Stock Exchange.

(Reporting by Swetha Gopinath in Bangalore; Editing by Gopakumar Warrier)