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International Flavors cutting 70 jobs

Wed, 01/18/2012 - 12:13pm
The Associated Press

International Flavors & Fragrances Inc. announced Wednesday that it will cut about 70 jobs worldwide as part of a corporate reorganization.

The New York-based company makes flavors and fragrances for an array of consumer products.

International Flavors & Fragrances will cut jobs in various parts of the organization and is restructuring its fragrances division.

The company expects to record a pre-tax charge of about $10 million, or 8 cents per share after-tax, in its fourth quarter associated with the cuts.

Shares of the company rose 62 cents to close at $55.70.

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