INTERNATIONAL FLAVORS & FRAGRANCES INC. $57 - New York symbol IFF

INTERNATIONAL FLAVORS & FRAGRANCES INC. $57 (New York symbol IFF; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 80.9 million; Market cap: $4.6 billion; Price-to-sales ratio: 1.7; Dividend yield: 2.2%; TSINetwork Rating: Above Average; www.iff.com) aims to make its fragrances division more profitable. This business makes compounds that improve the smells of soaps, detergents and air fresheners.

As part of this plan, IFF will increase its focus on emerging markets. As a result, it will cut 70 employees worldwide. It will pay severance and other costs of $10 million, or $0.08 a share; IFF earned $81.8 million, or $1.00 a share, in the third quarter of 2011. The plan should save it $9 million a year, starting in 2012.

International Flavors & Fragrances is a buy.

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