International Flavors & Fragrances Inc. acquired Health Wright Products, Inc.
International Flavors & Fragrances Inc. (NYSE:IFF) acquired Health Wright Products, Inc. for approximately $160 million on April 1, 2022. As of May 9, 2022 Under the terms of the purchase agreement, International Flavors & Fragrances Inc agreed to pay approximately $131 million, of which approximately $123 million was paid on the Acquisition Date. Further contingent consideration will be payable upon achievement of certain earnout milestones, which is estimated to be approximately $44 million. Health Wright Products employs over 225 people, all of whom will continue with the company after the sale. As of August 8, 2022 The acquisition was accounted for under the purchase method. The fair value of consideration transferred was approximately $157 million, including cash and estimated contingent consideration of $31 million. The preliminary purchase price allocation has been performed and resulted in intangible assets of approximately $75 million, and approximately $45 million of goodwill.