CHINA – IFF, a leading global company specializing in food, beverage, health, biosciences, and scent, is nearing the completion of a major renovation and expansion project at its facilities in the Shanghai Hongqiao Airport Business Park.
According to a company statement, the newly renovated site, named the “Shanghai Creative Center,” is slated to be fully operational by the end of August 2024. This center, which spans 16,000 square meters, will be IFF’s largest facility in Asia.
The expansion project aims to enhance the development of innovative solutions across IFF’s portfolio in China and the Greater Asia market, bolstering its global leadership in fragrances, flavors, functional ingredients, and bioscience-based products.
“The Shanghai Creative Center will bring together capabilities across IFF, all in one location, enabling us to improve our delivery of end-to-end solutions for customers in Asia and around the world,” said IFF CEO Erik Fyrwald.
“This was a natural next step following the opening of our Singapore Innovation Center in 2022 and reaffirms our dedication to advancing innovation in Asia, ” he added.
Key features of the Shanghai Creative Center include an open-office layout, a sensory science center, a scent creative center, and advanced labs for creation, design, and product analysis.
Additionally, the center will house an exclusive fine fragrance area dedicated to the art of perfumery and a 360-degree digital space, offering an immersive olfactory experience and facilitating live-streaming educational workshops.
Despite the expansion, IFF reported net sales of US$2.9 billion for the first quarter ending March 31, 2024, marking a 4 percent decrease compared to the same period last year. The company’s income before taxes for the first quarter was US$115 million, with an adjusted operating EBITDA of US$578 million.
Looking ahead, IFF anticipates full-year 2024 results to align with the higher end of its previously announced sales guidance range of US$10.8 billion to US$11.1 billion and an adjusted operating EBITDA guidance range of US$1.9 billion to US$2.1 billion.
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