About Andreas Fibig
Andreas Fibig, former Chairman and CEO of International Flavors & Fragrances (IFF), discussed the company's performance and strategic direction in several media appearances during 2020. In May 2020, Fibig appeared on CNBC's "Squawk on the Street" to discuss IFF's first-quarter earnings, noting that demand was thriving in flavors and ingredients for packaged foods, hand sanitizers, and detergents during the pandemic, while fragrances and cosmetics sales declined. He stated that all 110 of IFF's manufacturing facilities remained open, with safety measures including split shifts, face masks, and temperature checks. Fibig also mentioned that IFF had produced over 70 metric tons of hand sanitizer, branded "Hope 2020," distributed free to frontline healthcare workers and police departments.
Fibig also discussed IFF's merger with DuPont's Nutrition & Biosciences (N&B) unit, announced in July 2020, describing it as a combination that would create a global leader in ingredients with a broad portfolio and double the R&D of competitors. He highlighted the company's ability to provide integrated solutions, such as combining flavors, texturizers, and plant-based proteins for products like plant-based burgers. Fibig had previously overseen IFF's acquisition of Frutarom in 2018, which he described as a complementary combination focused on growth. He stated that IFF's mid- to long-term growth guidance was 5 to 7 percent, expressing confidence in achieving that target.
Source: AI-verified profile updated from Andreas Fibig's recent appearances.
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Transcript (9 segments)
I
Interviewer0:16
I'm very excited because we are combining Frutarom and IFF, two companies with a great tradition, and which will make us a leader in taste, scent, and nutrition. Ori, what do you think?
O
Ori0:29
I absolutely agree, and for Frutarom it's an additional very, very positive milestone in our journey. We started long, long ago. I joined Frutarom like 33 years ago, and for me it's another very, very important mile forward in a very positive thing to create really the success of Frutarom, the success of IFF, the combination between them, how to make really one plus one equal four. That was our vision, this is what we were able to achieve, and that's what we will achieve together, Andreas. And we have a real opportunity to create a global leader in our space with fast growth, and I'm really confident that this will happen in the next months to come. Look, the truth is that neither Dr. John Farber, our Chairman, nor me really considered selling the business, but when we got an approach from Andreas and we thought about IFF, we thought that there couldn't be a better choice than IFF to really become the global leader. And I think that's the step that we are taking now will really bring us there quickly, efficiently, and I'm very excited and happy about it.
A
Andreas Fibig1:48
From my point of view, first of all, Ori, I would like to compliment the Frutarom team for what you have achieved in the last couple of years, which is really amazing. And I agree with Ori in a sense: the complementarity of the businesses is so great for the two of us that this is probably the ideal combination you can think of in terms of geographies, in terms of our portfolio, which is very complementary, and also the customer base. So I think this makes just a lot of good sense. Our consideration was that if there is a partner that really is complementary to us and is not really competing with Frutarom, but we can add product, technology, customers, and many other things, that's the right thing that we can do for our employees, for all stakeholders.
O
Ori2:35
Yeah, I agree. I think that's what it is.
A
Andreas Fibig2:42
First of all, I believe everybody has to understand that this bringing together of these two great teams and organization is all about growth. It's not just that it makes us a global leader, but we want to expand on this going forward. So I deeply, deeply believe that this will create a lot of opportunities for many of the people in our company for their own career and development advancement.
O
Ori3:11
I fully agree, Andreas. And as you know, and maybe you don't know, but for me it was the most important thing. I mean, the way I think about all those employees that contribute to the success of Frutarom and to where we are now, and we are just now entering an additional very, very positive period where we really leverage on the capabilities of the two companies, on synergies, on cross-selling, and how really making one plus one equal four. So it's all about growth, and the employees will continue to be part of that growth.
A
Andreas Fibig3:49
Look, we are Frutarom is growing fast, and in most cases faster than the markets where we operate. I truly believe that this will continue, and this is only about you. You will make it happen. Our company will continue to grow, and at the same time will create the teams that will ensure excellent integration and really combining the things in the best way for the benefit of our customers, our employees, and all stakeholders. And be reassured that we will update you on a regular basis to make sure that you always know what's going on. But what I expect from the teams, from the Frutarom and from the IFF team right now, is business as usual, making sure that we succeed in the marketplace and we make sure that we do an excellent integration of the two teams and will be ready for day one. They are very aligned on this one.
It will be espresso flavor, because we need a lot of espresso to get through the next couple of weeks, because we want to reach out to all the teams and we want to make sure that we do an excellent preparation for day one.
O
Ori4:58
I fully agree, and let's add to that a glass of wine. Absolutely.
