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News Article | March 2, 2017
Site: www.prweb.com

Mayor Rahm Emanuel and mHUB’s board of directors, today announced the official grand opening of mHUB, a physical product innovation center and micro-factory designed to galvanize the manufacturing ecosystem by generating innovative ideas, attracting world-class talent and fostering collaboration. Born through the combined efforts of Chicago’s leaders in business, innovation and research, mHUB offers Chicago’s burgeoning product manufacturers access to state-of-the-art facilities, along with resources to develop and bring new products to market. More than 100 early-stage product innovators have already joined prominent global and local manufacturers as founding members of the mHUB community. “mHUB merges state-of-the-art innovation with our city’s industrial heritage to build a brighter future for all of Chicago,” Mayor Emanuel said. “I look forward to seeing mHUB’s bold vision further strengthen Chicago’s vibrant entrepreneurial community and manufacturing ecosystem.” “By doing one thing exceptionally well – enabling talented innovators to develop physical products – mHUB will play a critical role in Chicago’s innovation ecosystem and drive growth for entrepreneurs, local manufacturers and the global companies that join us,” said Hugh Sullivan, senior adviser of Morgan Stanley, chairman of mHUB’s board of directors and executive committee, and former manufacturer. The 63,000 square-foot mHUB facility offers a full product development environment along with ten fully equipped specialty labs including a 3D-printing lab, electronics labs, metal fabrication lab and more. mHUB boasts more than $2.5 million of prototyping and manufacturing equipment, unsurpassed in similar product innovation centers across the U.S. In addition, mHUB serves as a connection point to the larger community by partnering with established manufacturers, business accelerator programs, venture capitalists, engineering and product development consultancies, universities and providers of industry-specific business services, to provide members with access to these important services. mHUB’s manufacturing industry partners view mHUB as a vital component to support product innovation and technological advancement. mHUB has received commitments of more than $8 million from its industry partners including Marmon, Chamberlain Group, U.S. Economic Development Administration, GE Ventures, Kirkland & Ellis, Arrow Electronics, UL, Chase Foundation, World Business Chicago, Motorola Mobility, Autodesk, Jones Lang LaSalle, Technology and Manufacturing Association (TMA), Comcast Business, Wiegel Toolworks, Ask Power, IFF, KPMG, MINIMAL, who also designed MHUB’s visual brand identity, Inventables and Solidworks. mHUB was incubated by World Business Chicago’s Advisory Council for Chicagoland Manufacturing, along with community partners: UI Labs, Chicagoland Entrepreneurial Center (CEC), the Illinois Science and Technology Coalition and Catalyze Chicago. “mHUB offers an inclusive environment where entrepreneurs have access to a state-of-the-art facility, equipment, education and programming, and a vast industry network – all of which have been aggregated with the sole goal of lowering the cost and barriers for physical product innovation,” said Haven Allen, executive director of mHUB. To date, mHUB has more than 100 members, and intends to triple that number in its first year. mHUB is continuing to accept membership applications for prospective community members at http://www.mHUBchicago.com. Membership rates start at $145 per month for part-time access to the prototyping shop. mHUB offers several packages for early stage entrepreneurs up through established enterprises, including shared co-working space and private office rentals within mHUB. In conjunction with mHUB’s grand opening, mHUB founding partner, GE, announced the opening of the first regional GE Fuse™ location, part of a radical, new approach to manufacturing by the industry leaders that accelerates product and technology development by combining open innovation with small batch manufacturing. “Fuse is all about bringing smart people together to solve tough problems,” said Dyan Finkhousen, president of GE Fuse and director, GENIUSLINK™. “By plugging into this strong local tech and entrepreneurial scene, Fuse Chicago’s light-manufacturing space will enable purposeful collaboration on the design and development of non-destructive testing technologies.” The mHUB grand opening activities include a press conference and the official ribbon cuttings of mHUB and GE Fuse, along with three panel discussions entitled "The Future of Manufacturing Innovation," "IoT – The Intersection of Physical and Digital," and "The Economic Impact of Innovation Centers," and a keynote address by GE Vice Chairman, Beth Comstock. About mHUB mHUB is Chicago’s first innovation center for physical product development and manufacturing. mHUB is a co-working community of product designers and developers, entrepreneurs, engineers and manufacturers, a network of manufacturing mentors, industry experts and investors, and a source of intellectual and economic capital. mHUB is home to ten shops and labs, including electronics, plastic fabrication, metals and rapid prototyping as well as a microfactory for small production runs. For more information, visit http://www.mHUBchicago.com and follow us on Twitter, Facebook, Instagram and LinkedIn. Sign up for mHUB’s newsletter here.


News Article | May 10, 2017
Site: www.businesswire.com

International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris:IFF), a leading innovator of sensory experiences that move the world, announced that it has joined the Massachusetts Institute of Technology (MIT) Media Lab. “Throughout our 128-year history, passion and curiosity have been integral to our work as pioneers of the senses and we have been dedicated to pushing the boundaries of what is possible,” said Nicolas Mirzayantz, Fragrances Group President. “Our membership in the MIT Media Lab aligns with our strategy of innovating firsts, which underscores how we are committed to innovation as an accelerator of business growth. We are proud to join this innovation lab and collaborate with the next generation of research breakthroughs.” Since 1985, the MIT Media Lab has combined a vision of a digital future with a new style of creative invention. With more than 30 years of innovation and 150 spin-off companies, the Media Lab currently supports 27 research groups and over 450 projects focused on designing the future. Research areas span from synthetic biology to new interface designs to bionic prosthetics to future cities. Mr. Mirzayantz continued, “IFF, as the first sensorial innovator of flavors, fragrances and cosmetic actives to join the Media Lab, has long been a leader in research and technologies that transform the everyday for consumers around the world. We are thrilled to find new ways to pioneer firsts.” "Collaborating with IFF is an entirely new and exciting opportunity for the Lab, and offers challenges and possibilities yet unexplored." said MIT Media Lab Director, Joi Ito. International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris:IFF) is a leading innovator of sensorial experiences that move the world. At the heart of our company, we are fueled by a sense of discovery, constantly asking “what if?”. That passion for exploration drives us to co-create unique products that consumers taste, smell, or feel in fine fragrances and beauty, detergents and household goods, as well as beloved foods and beverages. Our 7,300 team members globally take advantage of leading consumer insights, research and development, creative expertise, and customer intimacy to develop differentiated offerings for consumer products. Learn more at www.iff.com, Twitter, Facebook, Instagram, and LinkedIn.


News Article | May 8, 2017
Site: www.businesswire.com

International Flavors & Fragrances Inc. (NYSE: IFF) (Euronext Paris: IFF) reported financial results and strategic achievements for the first quarter ended March 31, 2017. ¹ Schedules at the end of this release contain reconciliations of reported GAAP to non-GAAP metrics. “We are pleased to report that our first quarter sales growth was strong and in line with our expectations,” said IFF Chairman and CEO Andreas Fibig. “Sales performance was broad-based, driven by the contribution of our recent acquisitions and a strong performance in Flavors, where we achieved growth across all categories and regions. “In terms of profit – excluding the impact of currency and items that affect comparability – the contribution from our recent acquisitions was strong, and supported overall profitability as we are ahead of our acquisition plan. In addition, we achieved a lower effective tax rate and reduced shares outstanding related to our share repurchased program, both which provided an additional benefit to EPS.” Mr. Fibig continued, “As we look to the balance of the year, we are optimistic that we can achieve our previously stated annual financial guidance, on a currency neutral basis. By leveraging our competitive advantages, executing against our strategic plan, and fully realizing the benefits of our productivity program announced earlier this year, we believe we are well-positioned to continue to deliver long-term, sustainable shareholder value.” Win Where We Compete: achieve market leadership position in key markets, categories & customers Become Our Customers’ Partner of Choice: attain commercial excellence Strengthen and Expand the Portfolio: pursue value creation through collaborations & acquisitions 1 See Use of Non-GAAP Financial Measures 2 Excludes items impacting comparability A copy of the Company’s Annual Report on Form 10-Q will be available on its website at www.iff.com or at sec.gov by May 10, 2017. A live webcast to discuss the Company’s first quarter financial results will be held on May 9, 2017, at 10:00 a.m. EDT. Investors may access the webcast and accompanying slide presentation on the Company's IR website at ir.iff.com. For those unable to listen to the live webcast, a recorded version will be made available on the Company's website approximately one hour after the event and will remain available on IFF’s website for one year. Cautionary Statement Under The Private Securities Litigation Reform Act of 1995 This press release includes “forward-looking statements” under the Federal Private Securities Litigation Reform Act of 1995, including statements regarding our outlook for fiscal year 2017, the expected impact of and benefits from productivity initiatives long-term and the impact of our actions on long-term value creation for our customers and shareholders. These forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission filings, including the Company’s Annual Report on Form 10-K filed with the Commission on February 28, 2017. The Company wishes to caution readers that certain important factors may have affected and could in the future affect the Company’s actual results and could cause the Company’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. With respect to the Company’s expectations regarding these statements, such factors include, but are not limited to: (1) macroeconomic trends affecting the emerging markets; (2) the Company’s ability to implement and adapt its Vision 2020 strategy; (3) the Company’s ability to successfully identify and complete acquisitions in line with its Vision 2020 strategy, and to realize the anticipated benefits of those acquisitions; (4) the Company’s ability to realize the benefits of its productivity initiatives and other optimization activities, (5) the Company’s ability to effectively compete in its market, and to successfully develop new and competitive products that appeal to its customers and consumers; (6) changes in consumer preferences and demand for the Company’s products or a decline in consumer confidence and spending; (7) the Company’s ability to benefit from its investments and expansion in emerging markets; (8) the impact of currency fluctuations or devaluations in the principal foreign markets in which it operates, including the devaluation of the Euro; (9) the economic and political risks associated with the Company’s international operations, including challenging economic conditions in China and Latin America; (10) the impact of any failure of the Company’s key information technology systems or a breach of information security; (11) the Company’s ability to attract and retain talented employees; (12) the Company’s ability to comply with, and the costs associated with compliance with U.S. and foreign environmental protection laws; (13) volatility and increases in the price of raw materials, energy and transportation; (14) price realization in a rising input cost environment (15) fluctuations in the quality and availability of raw materials; (16) the impact of a disruption in the Company’s supply chain or its relationship with its suppliers; (17) the impact of customer claims or product recalls; (18) any adverse impact on the availability, effectiveness and cost of the Company’s hedging and risk management strategies; (19) the Company’s ability to successfully manage its working capital and inventory balances; (20) uncertainties regarding the outcome of, or funding requirements related to litigation or settlement of pending litigation uncertain tax positions or other contingencies; (21) the effect of legal and regulatory developments, as well as restrictions or costs that may be imposed on the Company or its operations by U.S. and foreign governments; (22) adverse changes in federal, state, local and international tax legislation or policies, including with respect to transfer pricing and state aid, and adverse results of tax audits, assessments, or disputes; and (23) changes in market conditions or governmental regulations relating to our pension and postretirement obligations. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on the Company’s business. Accordingly, the Company undertakes no obligation to publicly revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Use of Non-GAAP Financial Measures We provide in this press release (1) Currency Neutral Sales, (2) Adjusted Operating Profit and Currency Neutral Adjusted Operating Profit and (3) Adjusted EPS and Currency Neutral Adjusted EPS, which exclude restructuring costs and other significant items such as legal charges/credits, gain on sale of assets, operational improvement initiatives, acquisition related costs, integration-related costs, CTA realization (often referred to as “Items Impacting Comparability”) and, with respect to the currency neutral items, the impact of foreign currency movements, that are of a non-operational nature. We provide these metrics as we believe that they are useful in providing period to period comparisons of the results of our operational performance. When we provide our expectations for our currency neutral metrics in our full year 2017 guidance, we estimate the anticipated FX impact by comparing prior year results to the prior year results restated at exchange rates in effect for the current year based on the currency of the underlying transaction. When we provide our expectations for our Adjusted Operating Profit and our Adjusted EPS in our full year 2017 guidance, the closest corresponding GAAP measures (expected reported Operating Profit and EPS) and a reconciliation of the differences between the non-GAAP expectation and the corresponding GAAP measure generally are not available without unreasonable effort due to inherent difficulty of forecasting the timing and amount of reconciling items that would be excluded from the GAAP measure in the relevant future period and the relevant tax impact of such reconciling items on EPS. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results. Currency Neutral Sales, Adjusted Operating Profit, Currency Neutral Adjusted Operating Profit, Adjusted EPS and Currency Neutral Adjusted EPS should not be considered in isolation or as substitutes for analysis of the Company’s results under GAAP and may not be comparable to other companies’ calculation of such metrics. International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris: IFF) is a leading innovator of sensorial experiences that move the world. At the heart of our company, we are fueled by a sense of discovery, constantly asking “what if?”. That passion for exploration drives us to co-create unique products that consumers taste, smell, or feel in fine fragrances and beauty, detergents and household goods, as well as beloved foods and beverages. Our 7,300 team members globally take advantage of leading consumer insights, research and development, creative expertise, and customer intimacy to develop differentiated offerings for consumer products. Learn more at www.iff.com, Twitter , Facebook, Instagram, and LinkedIn. Currency neutral growth is calculated by translating prior year sales at the exchange rates used for the corresponding 2017 period. *Item does not foot due to rounding The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP. The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.


NEW YORK, May 18, 2017 /PRNewswire/ -- Aroma chemicals belong to a group of molecules which are used in fragrance ingredients. They comprise of artificial, natural identical, and natural molecules. Around 3000 types of distinct molecules are used for the production of fragrance compositions. Aroma chemicals have wide range of applications, most common of them include fine fragrance, cosmetics, and toiletries. They are also used as odorizer to impart fragrance to odorless substances that can be dangerous for instance, natural gas, propane, etc. Read the full report: http://www.reportlinker.com/p04907928/Aroma-Chemicals-Market-Global-Industry-Analysis-Size-Share-Growth-Trends-and-Forecast.html The report estimates and forecasts the aroma chemicals on the global, regional, and country levels. The study provides forecast between 2016 and 2024 based on volume (kilo tons) and revenue (US$ Mn) with 2015 as the base year. The report comprises an exhaustive value chain analysis for each of the product segments. It provides a comprehensive view of the market. The study includes drivers and restraints for the aroma chemicals market along with their impact on demand during the forecast period. The study also provides key market indicators affecting the growth of the market. The report analyzes opportunities in the aroma chemicals market on the global and regional level. It also provides the global average price trend analysis. The report includes Porter's Five Forces Model to determine the degree of competition in the aroma chemicals market. The report comprises a qualitative write-up on market attractiveness analysis, wherein type, product, application and countries have been analyzed based on attractiveness for each region. Growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market. Global Aroma Chemicals Market: Segmentation The study provides a comprehensive view of the aroma chemicals market by dividing it into type, product, application and geography. In terms of type, the aroma chemicals market has been segmented into natural and synthetic aroma chemicals. In terms of product, the aroma chemicals market has been segregated into terpenoids, benzenoids, musk chemicals, and others. In terms of application, the aroma chemicals market has been segmented into personal care, household care, and others. The personal care segment has been further bifurcated into fine fragrances and cosmetics & toiletries. The household care segment has been further segregated into laundry, dishwashing, and other segment. Application segments have been analyzed based on historic, present, and future trends, and the market has been estimated in terms of volume (kilo tons) and revenue (US$ Mn) between 2016 and 2024. Global Aroma Chemicals Market: Regional Outlook Regional segmentation includes the current and forecast demand for aroma chemicals in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Additionally, the report comprises country-level analysis in terms of volume and revenue for type and application segments. Key countries such as the U.S., Canada, Germany, France, the U.K., Spain, Italy, Japan, India, China, Mexico, South Africa, and Brazil have been included in the study. Market segmentation includes demand for individual type and application in all the regions and countries. Companies Mentioned in the Report The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Key players profiled in the report include Givaudan, IFF, Firmenich SA, Takasago International Corporation, Symrise, BASF SE, Solvay, Frutarom, KAO CORPORATION, Sensient Flavors and Fragrance, and Robertet SA. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview (wherever applicable). In-depth interviews and discussions with wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. Key players' product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further helped in developing the analysis team's expertise and market understanding. Secondary research sources that were typically referred to include, but were not limited to company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report. The aroma chemicals market has been divided into the following segments: Aroma Chemicals Market – Type Analysis Natural Synthetic Aroma Chemicals Market – Product Analysis Terpenoids Benzenoids Musk Chemicals Others (include Aldehydes, Ketones, Esters, etc.) Aroma Chemicals Market – Application Analysis Personal care Fine Fragrances Cosmetics & Toiletries Household Care Laundry Dishwashing Others (include Mosquito Repellant, Candles, etc.) Others (include Food & Beverages, Medical, Others ) Aroma Chemicals Market – Regional Analysis North America U.S. Canada Europe France U.K. Spain Germany Italy Rest of Europe Asia Pacific China Japan ASEAN Rest of Asia Pacific (APAC) Latin America Brazil Mexico Rest of Latin America (LATAM) Middle East & Africa GCC South Africa Read the full report: http://www.reportlinker.com/p04907928/Aroma-Chemicals-Market-Global-Industry-Analysis-Size-Share-Growth-Trends-and-Forecast.html About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. http://www.reportlinker.com __________________________ Contact Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001 To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/aroma-chemicals-market---global-industry-analysis-size-share-growth-trends-and-forecast-2016---2024-300460358.html


News Article | May 15, 2017
Site: www.businesswire.com

NEW YORK--(BUSINESS WIRE)--International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris: IFF), a leading innovator of sensorial experiences that move the world, today announced that it priced an underwritten public offering of $500 million in aggregate principal amount of 4.375% senior notes due 2047. IFF intends to use the net proceeds from the offering to repay at maturity $250 million of its outstanding 6.25% Series A Senior Notes due September 27, 2017, to repay borrowings under its revolving credit facility, to repay amounts outstanding under its commercial paper program, and to use the remaining proceeds for general corporate purposes. IFF anticipates that the offering will close on May 18, 2017, subject to customary closing conditions. Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering. This offering is being made pursuant to an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (“SEC”) and only by means of a prospectus supplement and accompanying prospectus. A copy of the prospectus supplement and accompanying prospectus relating to the offering can be obtained by contacting Citigroup Global Markets Inc. toll-free at 1-800-831-9146, or by mail at Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by e-mail: prospectus@citi.com; J.P. Morgan Securities LLC collect at 1-212-834-4533, or by mail at J.P. Morgan Securities LLC, Attention: Investment Grade Syndicate Desk, 383 Madison Avenue, New York, NY 10179; or Morgan Stanley & Co. LLC toll-free at 1-866-718-1649, or by mail at Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, New York, NY 10014, or by e-mail: prospectus@morganstanley.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris:IFF) is a leading innovator of sensorial experiences that move the world. At the heart of our company, we are fueled by a sense of discovery, constantly asking “what if?”. That passion for exploration drives us to co-create unique products that consumers taste, smell, or feel in fine fragrances and beauty, detergents and household goods, as well as beloved foods and beverages. Our 7,400 team members globally take advantage of leading consumer insights, research and development, creative expertise, and customer intimacy to develop differentiated offerings for consumer products. Learn more at www.iff.com, Twitter, Facebook, Instagram, and LinkedIn. This press release includes “forward-looking statements” under the Federal Private Securities Litigation Reform Act of 1995, including the expected closing of the offering and use of proceeds from the offering. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, the ability to satisfy customary closing conditions with respect to the offering, prevailing market conditions, and the impact of general economic, industry or political conditions in the United States or internationally. Additional risks and uncertainties relating to the offering, IFF and its business can be found in IFF’s SEC filings, including IFF’s Annual Report on Form 10-K for the year ended December 31, 2016 filed with the Commission on February 28, 2017. IFF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.


News Article | February 21, 2017
Site: www.businesswire.com

BEIJING--(BUSINESS WIRE)--Today, Delos™, a U.S.-based wellness real estate and technology firm, announced plans to build and operate its second Well Living Lab, which is slated to open in Beijing, China in the Fall of 2018. The Well Living Lab (China) will be the first scientific research center in Asia to integrate building science, behavioral science, and health science to help quantify and ultimately improve the impact that indoor environments have on human health, wellness, comfort, and performance. Through this research, the Lab aims to spur innovations that will help address indoor environmental challenges specifically related to the local climate, environment and culture in China. “As we look for more efficient ways to address indoor environmental challenges related to human health and wellness, it is important to localize our scientific efforts,” said Peter Scialla, Chief Operating Officer of Delos. “China is faced with serious environmental challenges, and we hope the new Well Living Lab in China will pioneer internationalization efforts to find solutions that will help improve the health of building occupants throughout China.” In addition to its Beijing location, the Well Living Lab (China) intends to establish several satellite research facilities in major Chinese cities, and will work closely with Chinese research institutions and real estate partners to integrate local research goals into a broader global agenda. The launch of the Well Living Lab (China) follows the May 2016 opening of the Well Living Lab (U.S.), extending its groundbreaking technology platform and human-subject research approach to the Chinese market. The Well Living Lab (U.S.) is a collaboration between Delos and Mayo Clinic, ranked by U.S. News and World Reports as the number one hospital overall as well as number one in more specialties than any other hospital in the United States. “Mayo Clinic offers hope to millions of people around the world who are asking medical questions and seeking answers they can’t find anywhere else,” states Dr. Brent Bauer, Medical Director of the Well Living Lab and Mayo Clinic Professor and Medical Director of the Mayo Clinic Complementary and Integrative Medicine Program. “The science behind indoor environments that supports people’s health and wellness is a new frontier. We are excited to be part of this movement.” The Well Living Lab (China) will conduct research on the ways in which air, light, water, thermal conditions, acoustics, occupant behavior, and policy in buildings can impact occupants’ health, wellness, comfort, and performance, subject to local conditions, including public health concerns, geographic issues, and economic statuses, as well as local codes, standards and regulations. This will be made possible by the state-of-the-art infrastructure of the Lab, which will feature 25,000 square feet of sensor rich, reconfigurable space where researchers can monitor and test products and systems with human subjects in simulated, real-world environments. The Lab will feature a wide array of sensors, including environmental and biometric sensors, as well as the ability to control environmental conditions with a high degree of precision. The Lab’s sensors and control capabilities will be managed through a custom, state-of-the-art cloud infrastructure, which can be extended for use with other research facilities or real-world buildings for larger studies. “We are excited to launch a new lab in China and to dedicate our efforts to research how wellness focused building techniques can apply to local conditions, public health concerns, in China,” said Dana Pillai, president of Delos Labs and executive director of the Well Living Lab (U.S.). “We look forward to working closely with local experts and our Chinese colleagues in related fields, in the hopes of spearheading new findings that can be applied to improve people’s lives throughout China.” The Well Living Lab (China) will be located in the northeast quarter of Beijing in China’s first wellness-oriented industrial park, which is being developed by Sino-Ocean Group. Delos is also working with Sino-Ocean Group to develop the Well Living Lab (China). “We welcome the Well Living Lab (China) into Yingchuang Wellness Industrial Park,” said Ming Li, chairman and CEO of Sino-Ocean Group. “The Park is a successful result of Sino-Ocean’s continuous efforts to promote ‘Healthy Building’, and is positioned to incubate and nurture the growth of a new sector of wellness-oriented businesses in China, and we believe the Lab will be the driving force and an engine to attract enterprises focused on health, wellness and innovation.” A feature story about the Well Living Lab in Rochester, Minnesota was published in the journal Nature, recognizing the Lab’s unique, human-centered, simulated environment and contribution to an emerging, important field of research. Through the Well Living Lab Alliance program, the Rochester Lab currently offers collaboration opportunities for organizations that wish to help generate new knowledge and support the Lab’s mission of transforming human health in the indoor environment. The highest level of commitment available is the Well Living Lab Founding Alliance Membership. Current Founding Alliance Members include: Arup, CBRE Group, Inc., Essentia, HOK, IBM, IFF, Ketra, Lendlease, Sino-Ocean Group Holding Limited and View Inc. To learn more about membership opportunities, please visit welllivinglab.com/membership-alliance/. View a narrated tour of the Rochester Well Living Lab here. As the pioneer of Wellness Real Estate™, Delos is transforming our homes, offices, schools, and other indoor environments by placing health and wellness at the center of design and construction decisions. Delos helps create spaces that actively contribute to human health, performance and well-being by marrying the best innovations in technology, health, science, and real estate. The Delos platform includes programming, design, consulting, research, and an array of innovative solutions and technologies designed to improve health and well-being. More information on Delos is available at www.delos.com. About the Well Living Lab (U.S.) A collaboration of Delos and Mayo Clinic, the Well Living Lab (U.S.) is the first human-centered research facility dedicated to identifying how buildings—and everything that goes in them—impacts human health and well-being. The purpose of the Well Living Lab (U.S.) is to study these indoor environments and create healthier indoor spaces in which to work, live and play. A world-class, multi-disciplinary research approach guides the work of the Well Living Lab (U.S.), as scientific and medical experts from Mayo Clinic and around the world conduct and translate research that leads to solutions for healthier indoor environments. The Well Living Lab (U.S.) is unique in that research is conducted on real people, in real-world settings. This is made possible by the revolutionary infrastructure of the Well Living Lab (U.S.), which features 7,500 square feet of sensor rich, reconfigurable space where researchers can monitor and test products and systems on human subjects in simulated, real-world, built environments. Mayo Clinic is a nonprofit organization committed to medical research and education, and providing expert whole-person care to everyone who needs healing. For more information, visit http://mayoclinic.org, and www.newsnetwork.mayoclinic.org. Founded in 1993, Sino-Ocean Group was listed on the Main Board of the Hong Kong Stock Exchange on September 28, 2007 and has become one of the top ten Mainland real estate companies listed in Hong Kong. In March 2008 Sino-Ocean Group was selected as a constituent of the Hang Seng Hong Kong Composite Index and the Hang Seng China-Affiliated Corp Index. The Company is mainly engaged in four business sectors which are respectively the development of mid to high-end residential properties, premium office buildings and retail properties, real estate financing and customer services which consisting of property management and senior living business. With “Health and Wellness in Built Environment” as the product concept, Sino-Ocean Group has already set up the “Sino-Ocean” brand awareness in Beijing-Tianjin-Hebei region, northeast China, Central China and Southern China by the consistent high quality projects and service. For more information, please visit: www.sinooceangroup.com


News Article | February 15, 2017
Site: www.marketwired.com

New Partnership Committed to Transforming Half-Mile Radius Around Transit Stations into Hubs of Opportunity CHICAGO, IL--(Marketwired - February 15, 2017) - L-Evated Chicago -- a new collaborative that will use existing transit to create hubs of opportunity -- today announced that Chicago was selected to join the Strong, Prosperous, And Resilient Communities Challenge (SPARCC). SPARCC is a three-year, $90 million initiative that will bolster local groups and leaders in six cities in their efforts to ensure that major new investments in transportation, housing, health, and sustainability are made in ways that improve equity, health, and environmental outcomes for all residents. L-Evated Chicago is a diverse collaborative representing community-based and civic organizations, nonprofit policy and advocacy groups, community development financial institutions, and the City of Chicago. The collaborative is committed to transforming the half-mile radius around transit stations into hubs of opportunity and connection across our region's vast transit system. L-Evated Chicago views station areas as optimal locations for planning, programming, urban design, and development to address the region's deeply rooted disparities in racial equity, public health, and climate resiliency. L-Evated Chicago will align capital, policy, and programmatic resources with the unique interests and needs of communities. The SPARCC initiative chose L-Evated Chicago following a competitive application process in 2016. The collaborative has been awarded $1 million in direct grant and technical assistance funds over the next three years. Collectively, the six national SPARCC sites will have access to $70 million of financing and $14 million in additional programmatic support. The initial six SPARCC sites include: Atlanta, Chicago, Denver, Los Angeles, Memphis, and San Francisco Bay Area. These funds offer the opportunity to align and leverage several new local initiatives -- such as the City of Chicago's Neighborhood Opportunity Bonus program that leverages investment in downtown to support redevelopment in the neighborhoods; the City Treasurer's Chicago Community Catalyst Fund to invest $100 million in projects and businesses in underserved neighborhoods; and the Chicago Community Trust's new strategic focus on race and equity. "We have great community resources on the south side along the Green line. We have a vibrant arts and culture scene -- and nothing less than a once-in-a-lifetime opportunity with the Obama Presidential Library," said Ghian Foreman, head of the Washington Park Development Group and one of the eight groups that comprise L-Evated Chicago. "With the SPARCC initiative, we will be able to reach further into our communities to make sure future investments build on and respect our existing community efforts and assets." In addition to neighborhoods within a half-mile radius of the Green line south, L-Evated Chicago will focus its outreach and development efforts on communities near the Green line west, Blue line northwest, and Pink line southwest. "Chicago's long history of racial and economic segregation is no secret, and past investment decisions and policies have too often reinforced that segregation," said Juan Carlos Linares, executive director of Latin United Community Housing Association (LUCHA), a member of L-Evated Chicago. "By working both within and across our communities -- and leveraging our transit system to enhance and connect our efforts -- our SPARCC collaboration with community stakeholders will serve as an important tool to reverse that legacy and advance a more equitable and prosperous Chicago." Other members of L-Evated Chicago include: The Chicago Community Trust, where the initiative will be housed; Enterprise Community Partners Chicago and IFF, both local nonprofit lenders; Center for Neighborhood Technology and the Metropolitan Planning Council, leading policy and planning groups; University of Chicago Arts and Public Life, an arts and culture community partner; and the City of Chicago Department of Public Health. "In the past, policy, programmatic, and site-specific decisions about how and where to invest have been done in silos and all too often led to deeper poverty, disinvestment, and health risks for people of color and low-income communities," said Dr. Julie Morita, commissioner of the Chicago Department of Public Health. "This is a critical moment when significant health, transit, and real estate investments are coming, or are already underway, and people of all races and incomes can benefit. We are excited to have Chicago as one of the SPARCC sites and look forward to seeing the results of these efforts to positively impact our city." "The threats from climate change are being borne largely by low-income people and communities of color," said Shelley Poticha, director of urban solutions at the Natural Resources Defense Council, one of the national partners of SPARCC. "If we continue business as usual, health and economic disparities like this will continue to grow. Our SPARCC cities and regions are helping to change that by creating a vision of opportunity that takes community revitalization to a new level." In addition to funding support, each SPARCC site has access to an extensive learning network and advisory services from a range of experts to help advance local efforts. SPARCC is an initiative of Enterprise Community Partners, the Federal Reserve Bank of San Francisco, the Low Income Investment Fund, and the Natural Resources Defense Council, with funding support from the Ford Foundation, The JPB Foundation, The Kresge Foundation, the Robert Wood Johnson Foundation, and The California Endowment. Long term, SPARCC's intention is for other cities, communities, and regions to adopt similar approaches to achieving more just economic, health, and environmental outcomes, using the success of SPARCC sites as a model. About L-Evated Chicago L-Evated Chicago is a partnership of organizations committed to transforming the half-mile radius around transit stations into hubs of opportunity and connection across our region's vast transit system. We view station areas as the optimal location for planning, programming, urban design and development to converge to address the region's deeply rooted disparities in racial equity, public health, and climate resiliency. L-Evated Chicago's founding partners are: The Chicago Community Trust, Enterprise Community Partners Chicago, IFF, Center for Neighborhood Technology, Metropolitan Planning Council, City of Chicago Department of Public Health, Latin United Community Housing Association, Washington Park Development Group, and Arts + Public Life. About SPARCC The Strong, Prosperous, And Resilient Communities Challenge -- or SPARCC -- is supporting local efforts to make sure that everyone benefits from major new investments in the places we live, work, and play. By supporting locally driven initiatives, SPARCC aims to improve equity, health, and environmental outcomes to positively shape our cities and regions for generations. SPARCC is an initiative of Enterprise Community Partners, the Federal Reserve Bank of San Francisco, the Low Income Investment Fund, and the Natural Resources Defense Council, with funding support from the Ford Foundation, The JPB Foundation, The Kresge Foundation, the Robert Wood Johnson Foundation, and The California Endowment. For more information on SPARCC and the selected jurisdictions, please visit sparcchub.org.


EAST RUTHERFORD, N.J.--(BUSINESS WIRE)--Tel-Instrument Electronics Corp. (“Tel”, “Tel-Instrument” or the “Company”) (NYSE MKT:TIK), a leading designer and manufacturer of avionics test and measurement solutions, today reported its financial results for the third quarter ended December 31, 2016. Highlights for Third Quarter of Fiscal Year 2017 Total sales for the three months ended December 31, 2016 decreased $1,734,346 (29.0%) to $4,236,519, as compared to $5,970,865 for the three months ended December 31, 2015. The decrease in sales is mostly attributed to the decrease in shipment of the U.S. Army TS-4530A KITS, CRAFT and ITATS units associated with the U.S. Navy programs, which contracts have now been completed. This decrease is partially offset by the shipment of the TS-4530A SETS and CRAFT units sold to U.S. Special Forces and to other customers as well as an increase in sales for our legacy products. Commercial sales increased $152,965 (49.0%) to $465,135 for the three months ended December 31, 2016 as compared to $312,170 for the three months ended December 31, 2015. This increase is attributed to the increased sales of the TR-220 and our recently introduced TR-36. Gross margin as a percentage of sales increased to 38.6% for the three months ended December 31, 2016 as compared to 34.1% for the same quarter last year. This improvement is mainly due to the completion of the ITATS program which was bid on very tight margins and higher prices for the CRAFT units. Gross margin dollars decreased $400,506 (19.7%) to $1,634,251 for the three months ended December 31, 2016 as compared to $2,034,757 for the same period in the prior year primarily as a result of the lower sales. Selling, general and administrative expenses increased $97,447 (12.7%) to $865,370 for the three months ended December 31, 2016, as compared to $767,923 for the three months ended December 31, 2015. This increase was caused by much higher litigation expenses associated with the Aeroflex Wichita, Inc. (“Aeroflex”) litigation, offset by lower salaries, accrued profit sharing, and commission expense. Engineering, research and development expenses increased $73,505 (13.6%) to $615,007 for the three months ended December 31, 2016, as compared to $541,502 for the three months ended December 31, 2015. This reflects increased investment in the new hand-held avionics and radio test set currently under development. Mr. Jeffrey O’Hara, President and CEO of Tel, stated, “We were pleased to report an eighth consecutive quarter of profitability despite spending $287k on Aeroflex litigation expenses. These costs included hiring a technical expert witness firm which confirmed that no Aeroflex technology was used in our TS-4530A product. We believe that we have a very strong case and are looking to put this costly litigation behind us this later this spring. The current trial date is set for March 13, 2017, and the trial is expected to last several weeks. The Kansas court is currently evaluating our motion to dismiss based on the merits, and we expect to receive a written response later this month. We are also awaiting a written response from the Kansas court relative to our earlier motion to dismiss based on standing arguments. Third quarter revenues were down to $4.24 million due in part to lower than anticipated orders for the quarter. With the completion of the ITATS orders and the TS-4530A KITS, we are seeing our gross margin percentage increase, although not yet to our 50% historical gross margin level. The good news is that we are seeing increased quote activity for the international Mode 5 market as well as for our commercial products. We continue to emphasize the importance of capturing the majority share of the large IFF international market, which we believe could generate substantial bookings and revenues starting in the 2017 calendar year timeframe. Our business development team met with several key international customers in January 2017, relating to possible Mode 5 orders that could be issued starting this summer. The new T-47M5 Mode 5 IFF test set will be a cost effective upgrade option for our large installed base of Mode 4 IFF test sets and we have seen substantial interest in this test set from a number of countries. All allied countries have a drop dead date of January 1, 2020 for Mode 5 capability; as a result, we believe that this international Mode 5 business to remain strong for at least the next three years. With our wide range of DOD certified Mode 5 test sets, we think we are well positioned to secure the lion’s share of this business. We believe the real long-term growth potential for the Company will be in our new line of modular hand-held test sets. This development provides us with an opportunity to target the extremely large commercial and military radio test set market which is many times the size of our traditional avionics test market. We are actively working to line up partners to enter this growth market and we believe that our new hardware platform provides unmatched capabilities in a market leading form factor. Prototypes of this new test set were demonstrated at the January 18, 2017 Annual Meeting and we are hoping to ship our first commercial product from this new family of test sets starting this summer. The Company is also evaluating upcoming U.S. Navy requirements, and expects at least one large competitive solicitation will be issued in the next 12 months for a product in our technical area of expertise. We are also working closely with our other military customers on new potential market opportunities that will be needed to maintain our sales and profitability growth. We continue to be excited and optimistic about our near and long-term prospects,” Mr. O’Hara concluded. The Company encourages investors to read its full results of operations as contained in our Quarterly Report on Form 10-Q filed on February 14, 2017, at www.sec.gov. The Company will host a conference call and webcast today, Tuesday, February 14, 2017 at 9:00 a.m. Eastern Time to discuss the Company’s fiscal third quarter 2017 results. To access the live webcast, log onto Tel-Instrument’s website at: To participate in the call by phone, dial (877) 407-8035 approximately five minutes prior to the scheduled start time. International callers please dial (201) 689-8035. A replay of the teleconference will be available until March 14, 2017 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 10242. Tel-Instrument is a leading designer and manufacturer of avionics test and measurement solutions for the global commercial air transport, general aviation, and government/military aerospace and defense markets. Tel-Instrument provides instruments to test, measure, calibrate, and repair a wide range of airborne navigation and communication equipment. For further information please visit our website at www.telinstrument.com. This press release includes statements that are not historical in nature and may be characterized as “forward-looking statements,” including those related to future financial and operating results, benefits, and synergies of the combined companies, statements concerning the Company’s outlook, pricing trends, and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies, and their results, long-term goals of the Company and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. All predictions as to future results contain a measure of uncertainty and, accordingly, actual results could differ materially. Among the factors which could cause a difference are: changes in the general economy; changes in demand for the Company’s products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological change; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and materials; transportation, environmental matters; and other unforeseen circumstances. A number of these factors are discussed in the Company’s previous filings with the U.S. Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 (the “Act”) protects companies from liability for their forward-looking statements if they comply with the requirements of the Act. The term EBITDA consists of net income plus interest, taxes, depreciation and amortization, deferred financing charges, change in fair value of warrants, and non-cash stock-based compensation. EBITDA is not a measure of financial performance under generally accepted accounting principles, and should not be considered in isolation from, or as a substitute for net income or cash flow measures prepared in accordance with generally accepted accounting principles, or as a measure of profitability or liquidity. Additionally, EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included EBITDA as a supplemental disclosure because its management believes that EBITDA provides useful information regarding our ability to service debt, and to fund capital expenditures, and provides investors a helpful measure for analyzing its operating performance. The table above sets forth a reconciliation of EBITDA to net income, which is the most directly comparable measure of financial performance, calculated under generally accepted accounting principles.


News Article | February 15, 2017
Site: www.businesswire.com

International Flavors & Fragrances Inc. (NYSE: IFF) (Euronext Paris: IFF) reported financial results and strategic achievements for the fourth quarter and full year ended December 30, 2016. ¹ Schedules at the end of this release contain reconciliations of reported GAAP to non-GAAP metrics. ¹ Schedules at the end of this release contain reconciliations of reported GAAP to non-GAAP metrics “The fourth quarter of 2016 came in consistent with our expectations, improving sequentially versus the third quarter,” said Chairman and CEO Andreas Fibig. “We are pleased to report that sales grew high-single-digits driven by strong new wins across both businesses and the contribution of our recent acquisition of David Michael. In terms of our bottom line, we continued to benefit from volume growth as well as cost and productivity initiatives that allowed us to selectively invest in strategic opportunities. “On a full-year basis, we continued to make strategic and financial progress while successfully navigating through a volatile and challenging market environment. Growth in fragrance encapsulation, sweetness and savory modulation, and in the Middle East & Africa – all strategic priorities for us – continued in 2016. We also successfully commercialized four new captive fragrance ingredients, expanded our core list participation with several key customers and added approximately $160 million of future annual revenue with the acquisitions of David Michael and Fragrance Resources – the latter of which closed in January of 2017. We expect that these achievements should provide us with opportunities to consistently grow our business in the future. “In terms of financial performance, we achieved currency neutral growth across all of our key metrics for the full year. Both business units successfully delivered solid top and bottom-line growth. Much of this can be attributed to winning new business, executing on productivity initiatives and capitalizing on our recent value-creating acquisitions. “Thanks in large part to our industry-leading innovation and ability to provide our customers with superior products, IFF has a history of strong sales growth, proven profitability and industry-leading returns. Over the past two years, however, we have seen the global operating environment become more volatile as global consumer staples volumes are soft, currencies are fluctuating, and raw material costs are trending higher. Fully recognizing the changing landscape, we are taking action to continue to deliver winning solutions to our customers while achieving sustainable profitable growth. This starts with the launch of a multi-year productivity program, which we expect will allow us the flexibility to invest in our business to drive greater competitive advantage while still delivering our long-term financial targets. “In 2017 – recognizing the reality of today’s market environment – we are optimistic that our financial growth rates should accelerate versus our 2016 performance. We also expect to set a stronger foundation, focusing on driving the long-term growth prospects of our business – balancing levels of investment and our profitability objectives. As we unlock savings through our productivity program, we expect to be able to deliver our long-term financial targets in 2018. We believe that we are taking the appropriate steps to build a stronger, more successful company for our customers, employees and shareholders.” Win Where We Compete: achieve market leadership position in key markets, categories & customers Become Our Customers’ Partner of Choice: attain commercial excellence Strengthen and Expand the Portfolio: pursue value creation through collaborations & acquisitions We expect the productivity program will include the application of enterprise-wide zero-based budgeting, elimination of open positions, streamlining of organizational structures and the optimization of our global network. This is expected to result in a reduction of approximately 5% of the Company’s global workforce. Once fully implemented, the company expects savings from this productivity program to reach an annual run-rate of between $40 million and $45 million by the end of 2019. The program is expected to result in total cumulative, pre-tax charge of between $35 million and $40 million in 2017 and 2018, of which we expect to take approximately $10 million in the first quarter of 2017. 1 See Use of Non-GAAP Financial Measures 2 Excludes items impacting comparability A copy of the Company’s Annual Report on Form 10-K will be available on its website at www.iff.com or at sec.gov by February 28, 2017. A live webcast to discuss the Company’s fourth quarter and full year 2016 financial results will be held on February 16, 2017, at 10:00 a.m. EST. Investors may access the webcast and accompanying slide presentation on the Company's IR website at ir.iff.com. For those unable to listen to the live webcast, a recorded version will be made available on the Company's website approximately one hour after the event and will remain available on IFF’s website for one year. Cautionary Statement Under The Private Securities Litigation Reform Act of 1995 This press release includes “forward-looking statements” under the Federal Private Securities Litigation Reform Act of 1995, including statements regarding our outlook for fiscal year 2017, revenue expectations from our acquisitions of David Michael and Fragrance Resources, the expected impact of and benefits from productivity initiatives, long-term growth opportunities, long-term profitable growth in 2018 and the impact of our actions on value creation for our customers and shareholders. These forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission filings, including the Company’s Annual Report on Form 10-K filed with the Commission on March 1, 2016. The Company wishes to caution readers that certain important factors may have affected and could in the future affect the Company’s actual results and could cause the Company’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. With respect to the Company’s expectations regarding these statements, such factors include, but are not limited to: (1) macroeconomic trends affecting the emerging markets; (2) the Company’s ability to implement and adapt its Vision 2020 strategy; (3) the Company’s ability to successfully identify and complete acquisitions in line with its Vision 2020 strategy, and to realize the anticipated benefits of those acquisitions; (4) the Company’s ability to realize the benefits of its productivity initiatives, (5) the Company’s ability to effectively compete in its market, and to successfully develop new and competitive products that appeal to its customers and consumers; (6) changes in consumer preferences and demand for the Company’s products or a decline in consumer confidence and spending; (7) the Company’s ability to benefit from its investments and expansion in emerging markets; (8) the impact of currency fluctuations or devaluations in the principal foreign markets in which it operates, including the devaluation of the Euro; (9) the economic and political risks associated with the Company’s international operations, including challenging economic conditions in China and Latin America; (10) the impact of any failure of the Company’s key information technology systems or a breach of information security; (11) the Company’s ability to attract and retain talented employees; (12) the Company’s ability to comply with, and the costs associated with compliance with U.S. and foreign environmental protection laws; (13) the Company’s ability to realize expected cost savings and efficiencies from its profitability improvement initiative and other optimization activities; (14) volatility and increases in the price of raw materials, energy and transportation; (15) price realization in a rising input cost environment (16) fluctuations in the quality and availability of raw materials; (17) the impact of a disruption in the Company’s supply chain or its relationship with its suppliers; (18) any adverse impact on the availability, effectiveness and cost of the Company’s hedging and risk management strategies; (19) the Company’s ability to successfully manage its working capital and inventory balances; (20) uncertainties regarding the outcome of, or funding requirements related to litigation or settlement of pending litigation uncertain tax positions or other contingencies; (21) the effect of legal and regulatory developments, as well as restrictions or costs that may be imposed on the Company or its operations by U.S. and foreign governments; (22) adverse changes in federal, state, local and international tax legislation or policies, including with respect to transfer pricing and state aid, and adverse results of tax audits, assessments, or disputes; and (23) changes in market conditions or governmental regulations relating to our pension and postretirement obligations. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on the Company’s business. Accordingly, the Company undertakes no obligation to publicly revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Use of Non-GAAP Financial Measures We provide in this press release (1) Currency Neutral Sales, (2) Adjusted Operating Profit and Currency Neutral Adjusted Operating Profit and (3) Adjusted EPS and Currency Neutral Adjusted EPS, which exclude restructuring costs and other significant items of a non-recurring and/or nonoperational nature such as legal charges/credits, gain on sale of assets, operational improvement initiatives and acquisition related costs (often referred to as “Items Impacting Comparability”) and, with respect to the currency neutral items, the impact of foreign currency movements. We provide these metrics as we believe that they are useful in providing period to period comparisons of the results of our operational performance. When we provide our expectations for our currency neutral metrics in our full year 2017 guidance, we estimate the anticipated FX impact by comparing prior year results to the prior year results restated at exchange rates in effect for the current year based on the currency of the underlying transaction. When we provide our expectations for our Adjusted Operating Profit and our Adjusted EPS in our full year 2017 guidance, the closest corresponding GAAP measures (expected reported Operating Profit and EPS) and a reconciliation of the differences between the non-GAAP expectation and the corresponding GAAP measure generally are not available without unreasonable effort due to inherent difficulty of forecasting the timing and amount of reconciling items that would be excluded from the GAAP measure in the relevant future period and the relevant tax impact of such reconciling items on EPS. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results. Currency Neutral Sales, Adjusted Operating Profit, Currency Neutral Adjusted Operating Profit, Adjusted EPS and Currency Neutral Adjusted EPS should not be considered in isolation or as substitutes for analysis of the Company’s results under GAAP and may not be comparable to other companies’ calculation of such metrics. International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris: IFF) is a leading innovator of sensorial experiences that move the world. At the heart of our company, we are fueled by a sense of discovery, constantly asking “what if?”. That passion for exploration drives us to co-create unique products that consumers taste, smell, or feel in fine fragrances and beauty, detergents and household goods, as well as beloved foods and beverages. Our 7,300 team members globally take advantage of leading consumer insights, research and development, creative expertise, and customer intimacy to develop differentiated offerings for consumer products. Learn more at www.iff.com, Twitter , Facebook, Instagram, and LinkedIn. Currency neutral growth is calculated by translating prior year sales at the exchange rates used for the corresponding 2016 period. *Item does not foot due to rounding The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP. The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP. The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP. The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.


HAUPPAUGE, N.Y., March 02, 2017 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that it received two awards for its Remote Control Units (RCU) totaling in excess of $1,200,000.  The RCUs will be used on two distinct IFF (Identification Friend or Foe) programs. Deliveries are expected to take place in the third quarter of 2017. Mitchell Binder, President and CEO of Orbit International commented, “Our Electronics Group had very firm bookings throughout 2016, which well positioned our delivery schedules in the second half of 2016 and into the first half of 2017.  With these recent awards, delivery schedules are beginning to firm up for our Electronics Group for the third quarter of 2017.” Binder added, “Our Electronics Group is working on additional new opportunities, one of which is a next generation developmental effort for a product in which the Company has a significant amount of fielded units.  This new order opportunity has retrofit possibilities – which could significantly increase the business potential of this opportunity. The Company is also working with another customer on a significant follow-on order for an existing program. The Company expects to receive both orders by quarter end. However, timing is always an uncertainty with regard to the receipt of government contracts.” Orbit International Corp., through its Electronics Group, is involved in the manufacture of customized electronic components and subsystems for military and nonmilitary government applications through its production facility in Hauppauge, New York.  Orbit’s Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, uninterruptible power supplies, VME/VPX power supplies as well as various COTS power sources.  The Company also has a sales office in Newbury Park, CA and a facility in Louisville, KY dedicated to the design and manufacture of gun weapons systems as well as VME/VPX solutions including backplanes, health monitors, air transport racks and components. Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, statements regarding our expectations of Orbit’s operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; expectations regarding costs and revenues, future operating results, additional orders, future business opportunities and continued growth, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws.  Although Orbit believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.  Many of these factors are beyond Orbit International's ability to control or predict.  Important factors that may cause actual results to differ materially and that could impact Orbit International and the statements contained in this news release can be found in Orbit's reports posted with the OTC Disclosure and News service as well as Orbit’s prior filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q, current reports on Form 8-K, annual reports on Form 10-K and its other periodic reports.  For forward-looking statements in this news release, Orbit claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  Orbit assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

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