INTERNATIONAL FLAVORS & FRAGRANCES INC. $116 (New York symbol IFF

INTERNATIONAL FLAVORS & FRAGRANCES INC. $116 (New York symbol IFF; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 80.7 million; Market cap: $9.4 billion; Priceto- sales ratio: 3.1; Dividend yield: 1.6%; TSINetwork Rating: Above Average; www.iff.com) is buying Henry H. Ottens Manufacturing, a private Philadelphia-based firm that makes flavourings for major food makers.

IFF didn’t say how much it’s paying, but Ottens should add $60 million to its $3.1 billion of annual revenue. IFF expects to complete the purchase by June 30, 2015.

The company has a history of using acquisitions to expand, which adds risk. However, this purchase gives IFF access to Ottens’ high-quality clients, particularly in the U.K.

IFF is a buy.

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