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Business Description
International Flavors & Fragrances Inc. (IFF) is a creator and manufacturer of flavor and fragrance products used by other manufacturers to impart or improve flavor or fragrance in a variety of consumer products. Fragrance products are sold principally to manufacturers of perfumes, cosmetics, toiletries, hair care products, deodorants, soaps, detergents and air care products. Flavor products are sold principally to manufacturers of prepared foods, beverages, dairy foods, pharmaceuticals and confectionery products. IFF produces more than 35,000 unique compounds annually of which 60% are flavors and 40% fragrances. The Company's principal fragrance and flavor products consist of compounds of large numbers of ingredients blended under proprietary formulas created by its perfumers and flavorists. Most of these compounds contribute the total fragrance or flavor to the consumer products in which they are used.

Financial Information
For the nine months ended 9/30/04, revenues rose 9% to $1.57 billion. Net income rose 15% to $155.2 million. Revenues reflect strengthening of various currencies. Higher income also reflects a decrease in restructuring charges and lower interest expenses.