A leading position in the flavors and fragrances industry, Significant geographic diversification, and Minimal customer concentration. Flat operating margins in recent years, and Participation in a highly competitive operating environment. The ratings on International Flavors&Fragrances Inc. (IFF) reflect the company's important and defendable position as an ingredient supplier to consumer products companies worldwide. Geographic diversity is a key rating consideration, as almost 70% of revenues and more than 75% of the company's operating profits are generated outside North America, somewhat insulating the firm from regional economic weakness. Although competition is intense for the development of new flavors and fragrances and the application of these technologies, the company has achieved a leadership position within the industry through its R&D
