(Reuters) -International Flavors & Fragrances said on Tuesday it would sell its pharma solutions business to French plant-based ingredients maker Roquette in a deal valued at $2.85 billion, as it looks to focus on higher-margin businesses.
The move comes at a time when IFF is seeing demand slow for its food ingredients and solutions segment, especially from end-users such as consumer goods companies, amid higher interest rates and inflationary pressures.
Bloomberg News had first reported in October that the chemicals company was working with an adviser to explore a potential sale of the business that could fetch about $3.5 billion in sale.
(Reporting by Juveria Tabassum and Granth Vanaik; Editing by Shailesh Kuber)
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