UPDATE 1-International Flavors and Fragrances nears $4 billion deal to sell food ingredients business, WSJ reports

International Flavors & Fragrances Inc.

International Flavors & Fragrances Inc.

IFF

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Adds background, details from WSJ report, shares

May 29 (Reuters) - International Flavors & Fragrances IFF.N was nearing a deal to sell its food ingredients business to private equity firm CVC Capital Partners for more than $4 billion, the Wall Street Journal reported, citing people familiar with the matter.

IFF has been looking to boost its profitability and sharpen focus on flavors, fragrances and health businesses, as consumer spending on health and wellness remains resilient.

The company sold its pharma solutions business to French plant-based ingredients maker Roquette last year, in a deal valued at $2.85 billion.

A deal with CVC Capital Partners for its food ingredients business, which makes emulsifiers, sweeteners and pastes, could be announced in the coming days, the Wall Street Journal's report added.

IFF's shares were up about 2% in premarket trading. The company did not immediately respond to a Reuters request for comment.


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