International Flavors & Fragrances Expands Cairo Facility
Renovation and expansion in Cairo
On September 18, 2017, International Flavors & Fragrances (IFF) announced that it has renovated and expanded its facility in Cairo, Egypt. The expansion is expected to support growth in the Middle East and Africa and strengthen IFF’s market position. The company expects the facility to ensure greater application support within the region across key categories. The facility began operations in 1979.
Interested in LYB? Don't miss the next report.
Receive e-mail alerts for new research on LYB
IFF’s chair and chief executive officer Andreas Fibig said, “The Middle East/Africa region is a critical component of our Vision 2020 strategy. We believe the expansion and upgrade of our Cairo facility will support our efforts to grow in this exciting and dynamic region. The expanded labs will allow us to better serve our Egyptian customers and strengthen our market presence in Africa and the Middle East.”
IFF’s stock performance last week
IFF stock managed to rise 0.80% and close at $144.21 for the week ended September 22, 2017. It underperformed the Vanguard Materials ETF (VAW), which rose 1.1% for the same period. The fund has invested 1.3% of its portfolio in IFF as of September 22. The weekly gains triggered the stock to trade 5.8% above the 100-day moving average price of $136.34, indicating an upward trend in the stock. However, IFF’s 14-day RSI (relative strength index) of 70 indicates that the stock has temporarily moved into an overbought situation temporarily. IFF is already trading 1.2% above analysts’ consensus target price of $142.50.