Fragrance company closing Augusta plant by summer of 2014

International Flavors & Fragrances Inc. said Friday it will close its Augusta plant by summer 2014.

The plant at 3005 Inter­national Blvd. in south Augusta makes ingredients for fragrances that go into products such as perfume, laundry soap and shampoo.

The company said it is consolidating the production into other facilities that make ingredients. According to its annual report, it has ingredients facilities in Jacksonville, Fla., and South Brunswick, N.J., and eight in other countries.

The company came to Augusta in 1995 and expanded in 1999. The plant has 54 employees, according to data from the Augusta Economic Development Authority.

The closing will “improve efficiencies” in the company’s manufacturing network, it said in a statement.

“Providing innovative and cost-effective ingredients for use in our Fragrance Compounds business is our number one priority and is critical to our ability to create winning solutions for our customers,” stated Nicolas Mirzayantz, the Fragrances Group president. “With a changing competitive environment, we have decided to streamline those parts of our business that support lower value-added, commodity-like ingredients and remain focused on those areas that are more value-enhancing.”

In February, the company reported that its fragrance business unit generated $1.4 billion in revenue in 2012 for the international firm, which was flat compared to 2011.

The plant will shut down before July 2014.

International Flavors & Fragrances owns 153 acres at its complex, which is adjacent to International Paper, that has a total value of $3.2 million, according to Richmond County property records. The New York-based company has more than 5,700 employees working in 32 countries.

Fragrance company posts lower first quarter earnings
Profit falls for fragrance company
International Flavors & Fragrances reports $82 million in profits

JOB GAINS SEND STOCKS UP

A big gain in the job market pushed the stock market past major milestones Friday.

The Dow Jones industrial average crossed 15,000 for the first time, and the Standard and Poor’s 500 index, a broader market measure, broke through 1,600.

The government said U.S. employers added 165,000 workers in April and more in February and March than previously estimated. The unemployment rate fell to the lowest level in four years, 7.5 percent.

BUSINESS, 7C

More

Sat, 12/03/2016 - 00:51

Empty Stocking List