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CF Industries and Terra
Industries Merge – Create Global Industry Leader
After more than a year and multiple bids and
counterbids, CF Industries landed Terra Industries
in a deal worth approximately $4.7 billion,
producing world’s second largest nitrogen fertilizer
producer. The deal amounts to $37.15 in cash per
share and nearly one-tenth of a share of common
stock for each Terra share.
Both companies approved the deal after one of the
longest running takeover battles in recent years.
The announcement came shortly after Yara
International said it would not top the latest bid
placed by CF Industries. Sioux City, Iowa-based
Terra was also negotiating with Yara, but the
Norwegian entity’s offer topped at $4.1 billion. In
addition to collaborating with Terra, Dearfield,
Illinois-based CF was able to shake free of Canadian
fertilizer company Agrium, Inc. Agrium had been
aggressively pursuing CF to keep it from purchasing
Terra.
The marriage of CF and Terra creates a strong,
global producer and distributor of nitrogen and
phosphate fertilizer products with total annual
revenue of $4.2 billion. The two companies’ client
bases complement each other, with Terra’s clients
being largely industrial and CF Industries focus on
primarily agricultural customers. The combined
locations of their facilities together expand their
domestic reach.
Stockholders of the combined company will benefit
from the value generated by CF Industries’
world-scale phosphate business while the enhanced
scale and improved access to the capital markets for
the newly joined company will allow it to augment
both existing and future growth goals to produce
stockholder value. On the other side of the
financial statement, the transaction is expected to
create annual cost synergies of up to $135 million
through greater economies of scale in purchasing and
procurement and because of elimination of
overlapping corporate functions as well as
optimization of distribution and transportation
systems.
Terms of the agreement stipulate that a subsidiary
of CF Industries will merge into Terra. Upon
completion of the merger, Terra will become an
indirect, wholly-owned subsidiary of CF Industries,
with its common stock to cease trading on the NYSE.
The merger will require the approval of Terra’s
stockholders unless CF Industries owns at least 90%
of the outstanding shares of Terra common stock
after completion of the exchange offer and, if
necessary, after CF exercises the top-up option
under the merger agreement terms.
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Why Do We Itch?
The largest
organ in the human body is the skin. Known
as the integumentary system, the skin and
its appendages covers approximately 3000
square inches and weighs about six pounds,
which is almost twice weight of the average
adult’s brain or liver. This flexible,
rugged, and virtually waterproof protector
of the body is the first defense component
against any foreign materials entering the
body as well as protecting the body from
trauma. Besides being the largest organ, the
skin is also the only organ continuously
exposed to impending irritation. Many things
come into contact with the skin every day
potentially causing one of the body’s more
mysterious reactions – itching.
Pruritus – the “technical” term for itching,
begins with an external stimuli like bugs,
dust, clothing fiber or hair. Itching is the
body’s defense mechanism, alerting it to
potential harm. The stimuli lands on the
skin, scratching the skin’s surface layer or
dermis. Receptors in the dermis send signals
to the brains cerebral cortex, via fibers in
the spinal cord.
So, what makes an itch, itch? Scientists
once thought that the itching sensation was
by caused by low-level stimulation of the
same nerves that feel pain. As with pain,
the itchiness feeling is delayed slightly
from the event that causes the pain or the
itch. However, both sensations lead to
different responses. While pain leads to a
reflex action that removes us from the
source of injury, an itch causes us to
scratch. As soon as we feel an itch, we want
to scratch the spot of the itch with our
fingernails. We want to remove the irritant
as soon as possible. When the brain realizes
that the irritant has been scratched away,
the itch signal sent to it has been
interrupted and is no longer recognized by
the brain.
In 1997, a group of researchers concluded
that itching is a large web of sensation,
action, and emotion. They identified a
family of small, slow-conducting nerves with
broad tentacles in the skin that respond to
itch alone. Brain scans were later used to
identify those areas of the brain that are
stimulated during an itch. No specific part
appeared to be involved, rather the areas
involved in sensation, preparation and
initiation of movement and the bits involved
in feeling both pleasure and pain were all
activated.
Recently, an “itchy” gene was discovered. It
was identified by researchers and is known
as the gastrin-releasing peptide receptor (GRPR).
The gene’s discovery is an important
finding, potentially leading to the
development of a drug that can block the
gene and relieve some of the symptoms.
Additional benefits of this discovery may
not even be itch-related. Although they are
different, the nerves that carry pain and
itching pass through closely spaced areas
from the spinal column to the brain. If a
cure for itching is found, people suffering
from a range of disorders could also be
helped.
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SourceFinder
Enhances Chemspec Experience – Makes
Exhibition More Productive and Beneficial

SourceFinder
the one-of-a-kind internet tool that
provides a selection of features for
enhancing the exhibition experience will
again be available at the upcoming
Chemspec events.
This collaboration between Chemspec
and Chemical
Information Services offers
exhibitors and attendees a vast array of
valuable tools, aimed at making their
exhibition experience more worthwhile and
beneficial. The unique resource enables show
participants to find the vital information
they need before, during and after a show,
utilizing powerful features found in
Chemical Information
Services’ network of database
products. Attendees may perform company,
product, structure, and CAS number searches
as well as locate the latest industry news
and organize vital show information.
SourceFinder
provides a selection of functions to assist
exhibitors in putting their best foot
forward during the show, enabling them to
showcase their high-value information and
documentation to attendees.
Whether you are an attendee or an exhibitor,
make the most of your Chemspec
experience. Stop by the Chemical Information
Services stand and see
SourceFinder
for yourself!
• Chemspec India - Mumbai, April 15th
and 16th – Stand G-8a
• Chemspec Europe - Berlin, June 9th
and 10th - Stand G11

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Green Plains
Renewable Energy Added to NASDAQ® Clean
Edge® Green Energy Index
North America’s fourth largest ethanol
producer, Green Plains Renewable Energy has
been named to the NASDAQ® Clean Edge® Green
Energy Index. The index includes those
companies involved in the development,
manufacturing, distribution, and
installation of emerging clean-energy
technologies. The index covers five major
sub-sectors – renewable fuels, renewable
electricity generation, energy storage &
conversion, energy intelligence and advanced
energy-related materials. In addition,
securities must also meet other eligibility
criteria, including minimum requirements for
market value, average daily share volume,
and price.
Green Plains Renewable Energy, Inc. operates
six ethanol plants in Indiana, Iowa,
Nebraska, and Tennessee with annual expected
operating capacity totaling approximately
480 million gallons. The company also
markets and distributes ethanol for four
third-party ethanol producers with annual
expected operating capacity totaling
approximately 360 million gallons. Green
Plains owns 51% of Blendstar, LLC, a biofuel
terminal operator, which operates nine
blending, or terminaling facilities with
approximately 495 million gallons per year
of total throughput capacity in seven
states.
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Air Products
Technology to Use Power Vehicles with
Landfill Gas
Air Products has signed a contract with SK
Energy to construct a hydrogen fueling
station based in World Cup Park in Seoul,
South Korea. The facility will be part of a
novel energy project to supply hydrogen
produced exclusively from landfill gas to
fuel a fleet of vehicles. Scheduled to begin
operation by July of this year, the station
is part of the city’s push to use
alternative supply means to generate 10
percent of its energy consumption by the
year 2020, using hydrogen for 30 percent of
the switch.
SK Energy is a leading Korean company in
hydrogen reforming technology. The new
station will be the largest ever installed
in Asia. Air Products’ compression, storage,
and dispensing technology will initially
fuel hydrogen powered fuel cell buses for
public transit. A small fleet of cars is
targeted to increase to as many as 100
public use vehicles. The location, World Cup
Park, is a combination of several small
parks adjacent to World Cup Stadium. It has
been selected for several eco-friendly
projects, among them a “zero-energy house”,
which is powered entirely by solar energy
and other environmentally friendly energies.
Air Products has placed over 110 hydrogen
fueling stations in the United States and 18
countries worldwide. The company is the
leading supplier to refineries assisting in
making cleaner burning transportation fuels.
Currently, the company’s technology provides
over 175,000 hydrogen fills annually, with
that number ever increasing.
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Eastman Opens
New Acetate Tow Manufacturing Plant in Korea

Eastman Chemical Company recently announced
the completion of a new acetate tow
manufacturing plant in Ulsan, Korea. A
result of a joint venture between Eastman
and SK Chemicals Co., Ltd., the new plant is
owned by Eastman Fibers Korea Limited. The
plant will be operated by Eastman, which has
controlling ownership of the venture.
Opening of the plant will further support
the company’s growth for cellulose acetate
tow in Asia. The new plant will contribute
27,000 metric tons (MT) of capacity,
increasing Eastman’s overall capacity by
15%. The company’s total annual capacity
will increase to over 200,000 MT..
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Converted
Organics Collaborates with Leading Fish
Processor

Converted Organics Inc. has entered into a
tactical relationship with Acme Smoked Fish
Corporation. The two organizations have
agreed to work together in the collection,
processing, and conversion of food waste
from Acme. One of the largest processors of
smoked fish and herring in the U.S., Acme is
a client of Brooklyn, N.Y.-based Filco
Environmental Services, which has provided
Converted Organics with organic waste from
its food service clients for the past two
years.
The smoked fish supplies a significant
source of high-quality organic nutrients for
Converted Organics’ all-natural organic
fertilizers. In addition, it provides a
means for Acme to minimize the negative
environmental impacts associated with waste
disposal and offers a use for its waste in
such a sustainable process.
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Solae Recognized
as One of the "World's Most Ethical
Companies" in 2010
Soy ingredients producer, Solae, LLC, has
been recognized by the Ethisphere Institute
as one of the World's Most Ethical (WME)
Companies for 2010. The award recognizes
extraordinary ethical leadership actively
upheld within various industries, with
thousands of companies evaluated for 2010
rankings. Solae earned a place on the list
by implementing upright business practices
and initiatives that are instrumental to the
company's success, benefit the community,
and raise the bar for ethical standards
within the food industry.
Ethisphere is a think-tank, dedicated to the
creation, advancement and sharing of best
practices in business ethics, corporate
social responsibility, anti-corruption, and
sustainability. This is the fourth year it
has published the WME rankings, which appear
in Ethisphere Magazine's Q1 issue. Winners
were determined after thorough, in-depth
research as well as multi-step analysis.
Ethisphere reviewed thousands of nominations
from companies in over 100 countries and 36
industries.
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Dow Names New
CFO
The Dow Chemical Company recently named
William H. Weideman as its Executive Vice
President and Chief Financial Officer (CFO).
The appointment was the result of a
comprehensive search of both global and
internal sources and was unanimously
supported by the company’s Board of
Directors. Weidman has been serving as Vice
President and interim CFO since November of
last year.
In his 30 years with Dow, Weidman has served
in a variety of Accounting and Controller
roles. He was named Controller of Texas
Operations in 1994, Global Business
Controller for Specialty Chemicals in 1996,
Global Finance Director for Performance
Chemicals in 2000, Finance Vice President
for Chemicals and Intermediates in 2004 and
in 2006 was named Group Finance Vice
President for Dow's Basic Chemicals and
Plastics portfolio. He was appointed the
company's Corporate Controller in May 2006.

BioFuel Energy
Appoints New VP of Operations
Ethanol producer BioFuel Energy Corporation
has named Douglas M. Anderson as its Vice
President of Operations. BioFuel Energy
currently has two 115 million gallons per
year ethanol plants – one located in
Fairmont, Minnesota and the other in Wood
River, Nebraska. Mr. Anderson will lead the
operations teams at these facilities. He
brings 25 years of experience in the
agricultural processing industry, including
his most recent post as Chief Executive
Officer at NuGen Energy. Prior to his work
in the ethanol industry, he held a number of
managerial positions with the Iams Company,
a division of Proctor & Gamble.

Axion
International Appoints New Member to Its
Board of Directors
Green technology innovator, Axion
International Holdings, Inc. recently added
Bradley C. Love to its Board of Directors.
His appointment was made in conjunction with
the resignation of Marc Green from the
Board. Mr. Green continues in his role of
the company’s President and Treasurer.
Mr. Love is an independent financial
consultant with more than 25 years of
business proficiency. He previously held the
position of Financial Advisor-Business
Development with Wachovia Securities.

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Afton Chemical
Completes Polartech Acquisition
Afton Chemical Corporation recently
completed its acquisition of Polartech. A
global leader in the lubricant and fuel
additive market, Afton’s industrial product
portfolio is strengthened with the
metalworking fluid additive technology
Polartech provides.
With approximate annual revenue of $45
million, Polartech’s 130 employees, its
headquarters, manufacturing facilities in
the United States, China, and India, as well
as R&D and manufacturing facilities in the
United Kingdom are included in the
acquisition agreement. As a result, Afton’s
international presence will be expanded
providing opportunities for growth in the
industrial market.
Afton Chemical Corporation is a wholly-owned
subsidiary of NewMarket Corporation and
based in Richmond, Virginia.
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Pacific Ethanol
Holding Files Plan of Reorganization
Pacific Ethanol Holding Co. LLC (“PEH”)
announced that along with its four
wholly-owned ethanol production facilities,
has filed on March 26, 2010, a Plan of
Reorganization and draft Disclosure
Statement with the U.S. Bankruptcy Court in
Delaware. Pacific Ethanol, Inc. expects PEH
and its subsidiaries to emerge from
bankruptcy by the end of the second quarter
of this year.
The proposal provides a new line of credit
of up to $35 million to support plant
operations and restructuring the $293.5
million in secured debt of PEH’s
subsidiaries to a combination of equity and
$115 million of secured and subordinated
debt. A newly formed holding company (“New
PEH”), to be owned by the secured lenders,
will be established to which ownership of
the plant subsidiaries will be transferred.
Staffing, management, and operations of the
plants, as well as marketing of the ethanol
and distillers grains produced by the
plants, will continue under the terms of
amended and restated asset management
agreements with Pacific Ethanol’s
subsidiaries, Kinergy Marketing and Pacific
Ag Products.
It is believed that operations at the plants
in Madera and Stockton, California, and
sustained production of ethanol at all
plants will be supported through the
liquidity provided by the combination of new
and restructured debt.
Pacific Ethanol, Inc. is based in
Sacramento, California.
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KMG Chemicals
Acquires Electronic Chemicals Business
KMG Chemicals, Inc. announced its
acquisition of General Chemical’s electronic
chemicals business. The global provider of
specialty chemicals to the electronic, wood
treatment, and agricultural chemical markets
completed the acquisition for $25.7 million
in cash and $850,000 in liabilities.
Included in the transaction is a
purification and processing facility for
solvents located in Hollister, California,
along with its personnel. At the end of
2010, when KMG’s current agreement with
third-party toll manufacturers expires, the
Hollister plant will assume production of
solvent-based products.
In addition, General Chemical’s equipment at
its Bay Point, California facility will
become the property of KMG; however, the
personnel and real estate will remain with
General Chemical where they will provide
contract manufacturing services to KMG.
This is KMG Chemicals’ eighth acquisition in
seven years.
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Rockwood
Introduces Solarox™ Color Pigment
Rockwood Pigments announces a new generation
of iron oxide color pigment known as Solarox™.
The first colored pigment with
photo-catalytic properties, Solarox™ enables
surfaces to self-clean, reduces air
pollutants, and inhibits microbial growth
through fusion with functional properties
that respond to sunlight.
Rockwood partnered with the University of
Turin to develop a manufacturing process
which merges the photo-catalytic properties
of titanium dioxide with the coloring power
of iron oxide pigments to provide the
Solarox™ pigment in a complete range of red,
yellow, and black iron oxide color shades.
Blending these shades creates a spectrum of
brown, gold, tan, and buff color
combinations.
Rockwood Pigments, a business unit of
Rockwood Holdings Inc., is a leading
manufacturer of innovative inorganic
pigments, specialty chemicals, and advanced
materials. With 9,500 employees worldwide
and manufacturing sites and customer service
centers in the United States, France, Italy,
United Kingdom, Germany, Australia, and
China, Rockwood is one of the world’s
largest suppliers of colored pigments for
coatings, plastics, construction, and
specialty applications.
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Lanxess’ Leather Business
Invests in New Technologies

Lanxess has purchased a new type of roll
coating machine for its Leather (LEA)
business Technology Center located in
Leverkusen, Germany. The specialty chemicals
group is focusing on meeting the demands of
the automotive leather industry by
optimizing its top coat systems to develop
environmentally-friendly top coat
formulations.
The roll coating machine – the Gemata
Topstar – provides direct roll coating
through its specially developed rubber
screen rollers. Top coats can be applied
more accurately and with virtually no waste
while improving the environmental balance in
a way conventional spraying methods cannot.
Spraying can waste as much as 50% of the
formulation due to over spraying.
A leading specialty chemical company,
Lanxess has 43 production sites worldwide
that focus on the development,
manufacturing, and marketing of rubber,
plastics, intermediates, and specialty
chemicals.
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Transcept Pharmaceuticals to Resubmit NDA
Transcept Pharmaceuticals, Inc. announced
that it will be resubmitting a New Drug
Application (NDA) for its prescription sleep
aid, Intermezzo ®. Transcept expects to
resubmit the Intermezzo® NDA in the late
fourth quarter of 2010.
After concerns were raised regarding the
possibility of dosing errors that could lead
to next day residual effects, the U.S. Food
and Drug Administration (FDA) agreed to
Transcept’s proposal to conduct a highway
driving study to measure potential next day
driving impairment.
In addition to the driving study, Transcept
has proposed a single unit dose package in
order to reduce the potential for
inadvertently taking more than one dose of
Intermezzo®(zolpidem tartrate sublingual
tablet) in a single night.
Transcept Pharmaceuticals, Inc. is a
specialty pharmaceutical company that
focuses on products addressing important
therapeutic needs in neuroscience.
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FDA Grants
Approval of Xifaxan® to Salix
Salix Pharmaceuticals, Ltd. has received
U.S. Food and Drug Administration (FDA)
marketing approval for its overt hepatic
encephalopathy (HE) treatment. Xifaxan® (rifaximin)
550 mg tablets reduces the risk of HE
recurrence in patients 18 years of age or
older being treated for cirrhosis as a
result of end-stage liver disease.
Cirrhosis is caused by such factors as
alcohol and/or drug abuse, autoimmune
disease, and chronic viral hepatitis and is
the third most common cause of death in
people 45-65 years of age, behind heart
disease and cancer. The availability of
Xifaxan® will provide an important
advancement in the treatment of overt HE
patients to their caregivers and the health
care community. Salix expects the treatment
to be available by the end of May 2010.
Headquartered in Raleigh, North Carolina,
Salix Pharmaceuticals, Inc. develops and
markets prescription pharmaceutical products
treating gastrointestinal diseases.
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Origin Agritech
Develops Business Unit for Premium
Glyphosate
Origin Agritech Limited has developed a
strategic pesticide business unit for a
premium branded glyphosate product. A
supplier of hybrid and genetically modified
crop seeds in China, Origin Agritech expects
to market their glyphosate product to the
domestic agricultural market for the 2010
selling season.
Working in conjunction with Origin’s
glyphosate-resistant seed portfolio, this
branded product will be sold at a premium to
other non-branded products in the current
Chinese marketplace and will work with
existing hybrid and genetically modified
seed products.
Origin products are contract produced in
China and marketed and distributed through
its existing agricultural network of first
and second-level distributors and retailers
in all 30 mainland China provinces.
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Yonye
International Takes Top Honors at Hi-Tech
Fair
Yongye International, Inc. recently won the
“Special Houji Award” at the 16th annual
China Yangling Agricultural Hi-Tech Fair
(the "CAF"). The “Special Houji Award” is
the top award offered by the CAF. It is
named after “Houji”, the god of agriculture
in ancient Chinese mythology.
Yongye is a leading developer, manufacturer,
and distributor of Shengmingsu brand plant
and animal nutrient products in the People's
Republic of China ("PRC"). The company was
one of only two companies from the 26 award
winners at CAF that secured awards for two
different products. Yongye's plant and
animal nutrient products were also the only
humic and fulvic acid based products to win
awards at CAF.
The event is held annually in Yangling,
Shaanxi Province, and is the largest and one
of the most prestigious agricultural fairs
in the country. CAF was established in 1994
and approved by the Chinese State Council in
1999. It is sponsored by 17 government
ministries as well as several international
organizations, including the Ministry of
Science and Technology, the Ministry of
Commerce, the Ministry of Education, UNESCO,
and the World Bank.
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Southwall
Aids Empire State Building Retrofit Project
Southwall
Technologies Inc. announced its Heat Mirror®
technology has been selected as part of the
Empire State Building energy retrofit
project.
More than 6,500 windows are being upgraded
in the structure to boost its
energy-efficiency, marking another milestone
in Southwall’s industry firsts.
Heat Mirror film will be suspended between
the two panes of existing insulating glass
to create a pair of super insulating
cavities, increasing the thermal performance
by up to four times, reducing the solar heat
gain by 50%, and improving the R-value from
R2 to R8.
A key factor in Southwall’s Heat Mirror
technology being selected for the retrofit
is its 30-year track record of proven
durability in buildings and homes around the
world. As part of the integrated project,
the window upgrades should save $400,000 per
year. The entire retrofit project is
expected to provide a 38% reduction in
energy use, saving $4.4 million per year in
energy costs.
Southwall Technologies Inc. is an ISO
9001:2000-certified manufacturer and leader
in the development of energy-saving films
and glass products.
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Greystone
Logistics Enters Resin Business
Bettendorf, Iowa-based Greystone Logistics
has entered the Recycled Polyethylene Resin
manufacturing business. The new division was
launched using a six-inch polyolefin
extruder that has an annual capacity of 14.6
million pounds of production. A second
extruder will be installed in the second
calendar quarter of this year, bringing a
total of 29.2 million pounds of annualized
production on-line in for the calendar year.
Greystone anticipates adding a third
extruder in the first half of 2011 for a
total of 43.8 million pounds of annual
polyolefin production.
Recycled Polyolefin production will be
concentrated at the company’s Bettendorf,
Iowa recycling facility. This Midwestern
location offers an ideal, centralized
location from which to collect and
distribute recycled plastics. John P. Brown
will lead the Resin Recycling Division.
Greystone anticipates $4 million in gross
sales from resin for calendar year 2010.
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China XD
Plastics Signs Distributor Agreement
china XD Plastics Company Ltd. announced the
signing of a one-year non-exclusive
agreement with Ningbo Huading New Material
Technology Company Limited (“NHNM”) to
distribute China XD Plastics’ modified
plastics for automotive applications in the
Eastern Chinese Market.
China XD Plastics is the largest Chinese
developer, manufacturer, and distributor of
modified plastics that are primarily used in
the automotive applications in China. It has
supplied NHNM’s customers with modified
plastics in small quantities since 2009, but
will now expand to larger volume deliveries.
Most of the Eastern Chinese Market’s demand
for modified plastics is used by large
automobile parts manufacturers, including
Shanghai Automotive Industry Corporation
Group (“SAIC Group”), Geely Auto, and Chery
Auto.
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International
Flavors & Fragrances Launches Global Chef
Blog

Leading global creator of flavors and
fragrances, International Flavors &
Fragrances Inc. (IFF) has launched a new
blog, A Taste of CulinEssence™. The endeavor
provides a forum for its international team
of chefs to share their culinary thoughts,
news, trends, kitchen tips, and more with
the external audience. The blog also
presents IFF with a venue for discussing
other interesting happenings at the company,
allowing it to share these experiences with
customers.
The CulinEssence™ program delivers
authentic, global culinary tastes for
consumer products, utilizing a combination
of the culinary arts and cutting-edge flavor
technology. The CulinEssence™ Team is
composed of professional chefs and culinary
ambassadors who share a passion for food and
taste. Lead by Master Chef Florian Webhofer,
the international team works with flavor
creation, flavor technology, sensory and
consumer insights, and category marketing to
create profiles that will appeal to
consumers all over world. The Team began in
2003 and is in constant demand to translate
trends into concepts tailored for IFF
customers. It sets standards for flavor
development, and uses its culinary expertise
to guide both the effective and creative use
of flavors in the company’s consumer
products.
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