(RTTNews) - International Flavors & Fragrances Inc. (IFF) Friday announced that it has finalized the sale of its nitrocellulose business, including the Walsrode Industrial Park in Lower Saxony, Germany, to the Czechoslovak Group, or CSG.
Previously part of IFF's Pharma Solutions unit, the business specialized in industrial-grade nitrocellulose for coatings and printing inks.
CEO Erik Fyrwald noted that the divestiture supports IFF's ongoing deleveraging strategy and reinforces its focus on core business areas. He also extended appreciation to the team involved and wished them success under CSG's ownership.
IFF is currently trading at $74.01, or 0.09% lower on the NYSE.
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