New York, 5 February 2013 -- International Flavors & Fragrances Inc. (NYSE: IFF), a leading global creator of flavors and fragrances for consumer products and Evolva Holding SA, Reinach, Switzerland (SIX: EVE), a biosynthesis technology expert, today announced that they have entered into pre-production phase to develop and scale-up, via a third party, natural vanillin for commercial application through a cost-effective, natural and sustainable route. The two companies are working to confirm scalability and yield targets through a yeast-based fermentation route during the pre-manufacturing phase.
This announcement follows one in June 2012 where Evolva confirmed the achievement of the first milestone in this collaboration. The partnership between IFF and Evolva was originally signed and announced in January 2011.
IFF VP of R&D Mark Dewis commented “We are very excited about our collaboration with Evolva, an expert in the biotechnology field, on the development of a key flavoring ingredient that is used in IFF flavors and the potential to be able to deliver a market product with industry significance that is operationally scalable. If the scale up is successful this innovative solution should provide a sustainable source for what has been a volatile raw material and should provide IFF customers with unique products.”
Evolva CEO Neil Goldsmith commented, “We have been working with IFF for the last two years and are convinced that they are ideally positioned to deliver on the sales and marketing of our vanillin product. Teaming up with a recognised industry leader such as IFF provides clear validation of the potential of our technology and products. We strongly believe that fermentation as an innovative and sustainable way to produce vanillin is a very attractive alternative to the traditional production routes.”
Evolva’s mission is to discover and provide innovative, sustainable ingredients for health, nutrition and wellness. Evolva uses biosynthetic and evolutionary technologies to create and optimise small molecule compounds and their production routes. We are active in consumer healthcare and nutrition as well as in pharma. In both areas we have partnered projects as well as proprietary programmes. For more information see www.evolva.com.
International Flavors & Fragrances Inc. (NYSE: IFF) is a leading global creator of flavors and fragrances used in a wide variety of consumer products. Consumers experience these unique scents and tastes in fine fragrances and beauty care, detergents and household goods, as well as beverages, sweet goods and food products. The Company leverages its competitive advantages of consumer insight, research and development, creative expertise, and customer intimacy to provide customers with innovative and differentiated product offerings. A member of the S&P 500 Index, IFF has more than 5,700 employees working in 32 countries worldwide. For more information, please visit our website at www.iff.com.
This press release contains forward-looking statements under the Federal Private Securities Litigation Reform Act of 1995, which are often identified by words like “believe,” “assume,” “expect,” “should” or similar expressions, and includes statements regarding expectations regarding market acceptance of natural vanillin, the ability to scale-up production of natural vanillin in a cost-effective, natural and sustainable way, the expected unique qualities and competitive advantage of natural vanillin. These forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in IFF’s filings with the U.S. Securities and Exchange Commission, including IFF’s Annual Report on Form 10-K filed with the Commission on February 28, 2012. We wish to caution readers that certain important factors may have affected and could in the future cause actual results to differ materially from those expressed in any forward-looking statements made in this press release, including (1) the economic climate for IFF’s industry and demand for its flavour ingredients; (2) the ability of IFF and Evolva to successfully develop and scale-up production of sustainable natural vanillin; (3) changes in consumer preferences; and (4) IFF’s ability to successfully sell and market natural vanillin. Against the background of these uncertainties readers should not place undue reliance on forward-looking statements. Neither Evolva nor IFF assumes responsibility to update forward-looking statements or to adapt them to future events or developments after the date of this press release.
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Neil Goldsmith, CEO Jakob Dynnes Hansen, CFO Paul Verbraeken, IR
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