International Flavors & Fragrances Inc. announced Wednesday that it will cut about 70 jobs worldwide as part of a corporate reorganization.
The New York-based company makes flavors and fragrances for an array of consumer products.
International Flavors & Fragrances will cut jobs in various parts of the organization and is restructuring its fragrances division.
The company expects to record a pre-tax charge of about $10 million, or 8 cents per share after-tax, in its fourth quarter associated with the cuts.
Shares of the company rose 62 cents to close at $55.70.