International Flavors & Fragrances Inc. (NYSE: IFF) (Euronext Paris: IFF) (TASE: IFF) opened its new global service center in Budapest, Hungary, consolidating key finance processes for its worldwide operations. The center is part of a multi-year effort to optimize IFF’s finance operating model.

“It is gratifying to celebrate the opening of this new center,” said Richard O’Leary, CFO of IFF. “The team has worked hard to get us to this point in our transformation journey. I want to thank everyone involved for their efforts.” Mr. O’Leary continued, “A transformation like this never happens in a vacuum. I would like to acknowledge and thank our many external partners that have made this possible.

“Budapest is built for companies like IFF to flourish,” said minister of foreign affairs and trade Péter Szijjártó. “Budapest offers a thriving business environment with a sophisticated workforce and strong infrastructure that supports the companies who establish themselves within our region. We are glad that IFF chose Budapest for their new global service center.”

Located in Mill Park, the center will have more than 100 employees by the end of the year with a footprint able to accommodate a greater number as recruiting continues and the scope of IFF’s services expands. 

“With sustainability a key enabler of our strategy, I’m proud to say that Mill Park supports our vision as a LEED gold certified site,” said Mr. O’Leary. “Mill Park provides IFF with a sustainable work environment that is conveniently located with easy access to public transportation and excellent amenities. I am very excited to see this site grow and fulfill its potential for both IFF and Budapest.”