NEW YORK and EMERYVILLE, Calif., April 29, 2013 (GLOBE NEWSWIRE) -- International Flavors & Fragrances Inc. (NYSE:IFF), a leading global creator of flavors and fragrances for consumer products, and Amyris (Nasdaq:AMRS), a leading renewable products company, today announced a collaboration to develop and commercialize a specific set of renewable fragrance ingredients.
Under the terms of the multi-year agreement, IFF and Amyris will jointly develop a sustainable, cost-effective and reliable source of key fragrance ingredients. IFF will have exclusive rights to these renewable fragrance ingredients for applications in the flavors and fragrances field, and Amyris will have exclusive rights in other fields. IFF and Amyris will share in the economic value derived from these ingredients.
Doug Tough, IFF Chairman and CEO said, "IFF has a highly developed expertise in the creation of flavors and fragrances, and Amyris is a leader in the industrial biotechnology space. As our companies join forces we look forward to co-creating new cost-effective, sustainable ingredients to meet the growing needs of our customers and the global consumer."
"Our collaboration with IFF is a critical element of our strategy to build on our synthetic biology platform to deliver new renewable ingredients to a range of industry sectors," said John Melo, Amyris President & CEO. "We are confident in achieving the milestones we have set under this as well as our other collaborations in the F&F space," Melo concluded.
"We are excited to strengthen our biotechnology platform and continue exploring additional opportunities that biotechnology offers," said Ahmet Baydar, IFF Senior Vice President of R&D. "We are confident that the synergies between our two companies will lead to a long-term, mutually-rewarding relationship."
International Flavors & Fragrances Inc. (NYSE:IFF) is a leading global creator of flavors and fragrances used in a wide variety of consumer products. Consumers experience these unique scents and tastes in fine fragrances and beauty care, detergents and household goods, as well as beverages, sweet goods and food products. The Company leverages its competitive advantages of consumer insight, research and development, creative expertise, and customer intimacy to provide customers with innovative and differentiated product offerings. A member of the S&P 500 Index, IFF has more than 5,700 employees working in 32 countries worldwide. For more information, please visit our website at www.iff.com.
About Amyris, Inc.
Amyris is an integrated renewable products company focused on providing sustainable alternatives to a broad range of petroleum-sourced products. Amyris uses its industrial synthetic biology platform to convert plant sugars into a variety of molecules -- flexible building blocks that can be used in a wide range of products. Amyris is commercializing these products both as No Compromise® renewable ingredients in cosmetics, flavors and fragrances, polymers, lubricants and consumer products, and also as No Compromise renewable diesel and jet fuel. Amyris Brasil Ltda., a subsidiary of Amyris, oversees the establishment and expansion of Amyris's production in Brazil. More information about Amyris is available at www.amyris.com.
Amyris Forward-Looking Statements
This release contains forward-looking statements, and any statements other than statements of historical facts could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events (the expected creation of cost-effective, sustainable ingredients that meet customer needs, the ability to derive economic value from such newly-developed ingredients, and the ability to achieve milestones under the collaboration with IFF and other partners in the flavors and fragrances field) that involve risks and uncertainties. These statements are based on management's current expectations and actual results and future events may differ materially due to risks and uncertainties, including those associated with any delays or failures in development, production or commercialization of products, liquidity and ability to fund capital expenditures, Amyris's reliance on third parties to achieve its goals, and other risks detailed in the "Risk Factors" section of Amyris's annual report on Form 10-K filed on March 28, 2013. Amyris disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.
IFF Forward-Looking Statements
This release contains forward-looking statements under the Federal Private Securities Litigation Reform Act of 1995, which are often identified by words like "believe," "will," "expect," "should" or similar expressions, and includes statements regarding the expected creation of cost-effective, sustainable ingredients that meet customer needs, the ability to derive economic value from such newly-developed ingredients, and the expected impact of the collaboration on IFF's biotechnology platform. These statements are based on management's current expectations and assumptions regarding IFF's business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. IFF's actual results may differ materially from those contemplated by the forward-looking statements included in this release, and we wish to caution you against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the economic climate for IFF's industry and demand for its fragrance ingredients, the ability of IFF and Amyris to successfully develop cost-effective, renewable fragrance ingredients, changes in consumer preferences, IFF's ability to successfully sell and market sustainable ingredients, and other factors contained in the "Risk Factors" section of IFF's Annual Report on Form 10-K filed with the Commission on February 26, 2013. IFF assumes no responsibility to update forward-looking statements or to adapt them to future events or developments after the date of this release.
CONTACT: International Flavors & Fragrances Inc. Media Denise Gillen, Fragrances Communications Manager Denise.Gillen@iff.com, 1-212-515-7308 Investor Relations Shelley Young, Director of Investor Relations Shelley.Young@iff.com, 1-212-708-7271 Amyris, Inc. Media & Investor Relations Joel Velasco, Senior Vice President email@example.com, +1 (510) 597-5577