IFF Completes Sale of Nitrocellulose Business to Czechoslovak Group

International Flavors & Fragrances (NYSE: IFF) has announced that it has successfully divested its nitrocellulose business, including the popular Walsrode Industrial Park in lower Saxony, Germany.

The move is expected to support IFF's deleveraging strategy as the company focuses on core operations. According to CEO Erik Fyrwald, the sale of the nitrocellulose business will allow IFF to concentrate its efforts on higher-growth areas.

"This divestiture builds upon our deleveraging journey and enables us to focus on our core businesses," said Fyrwald in a statement. "I'd like to thank our nitrocellulose colleagues for their dedication and wish them continued success as part of CSG."

The business being sold - which manufactures nitrocellulose strictly for industrial purposes, serving customers primarily in coatings and printing inks sectors - had previously been part of IFF's Pharma Solutions business unit.

With the completion of this sale, IFF continues to reduce its size and improve its overall efficiency.