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."