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Portfolio Optimization Plan | 6 Months Ended
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Jun. 30, 2025
Portfolio Optimization Plan [Abstract] |
Portfolio Optimization Plan |
3. | Portfolio Optimization Plan
During the fourth quarter of 2023, the Board of Directors of the Company approved a plan to undertake an effort to optimize certain production facilities and improve efficiencies within the Company (Portfolio Optimization Plan). As part of the Portfolio Optimization Plan, in the Flavors & Extracts segment, the Company evaluated the closure of its manufacturing facility in Felinfach, Wales, United Kingdom, the closure of its sales office in Granada, Spain, and the centralization and elimination of certain selling and administrative positions. In addition, in the Color segment, the Company evaluated the closure of a manufacturing facility in Delta, British Columbia, Canada, the closure of a sales office in Argentina, and centralizing and eliminating certain production positions and selling and administrative positions. The Company reports all costs associated with the Portfolio Optimization Plan in the Corporate & Other segment. The Company’s Felinfach site was shut down in May 2025, and all production activities have been transferred to other locations. The Company began marketing the Felinfach site for sale in June 2025. As a result, the Company met all of the assets held for sale criteria for the Felinfach land and building assets, which have been recorded as the only balance in Fixed assets held for sale on the Consolidated Balance Sheets. The Company has substantially completed all other actions contemplated under the Portfolio Optimization Plan in accordance with local laws. The Company recorded $0.3 million and $2.5 million of accrued liabilities in Other Accrued Expenses on the Company’s Consolidated Balance Sheets related to the Portfolio Optimization Plan as of June 30, 2025 and December 31, 2024, respectively. The Company expects the Portfolio Optimization Plan will cost approximately $45 million (increased from $40 million, as previously disclosed, primarily due to higher than anticipated decommissioning costs), of which $40.7 million has been incurred through June 30, 2025, primarily related to non-cash impairment charges and employee separation costs. We anticipate that the Portfolio Optimization Plan will reduce annual operating costs by approximately $8 million to $10 million, with the full benefit expected to be achieved after 2025. The Company reduced headcount by approximately 100 positions, primarily in the Flavors & Extracts and Color segments, related to certain production and selling and administrative positions. The following table summarizes the Portfolio Optimization Plan expenses by segment for the three months ended June 30, 2025:
(In thousands) |  | Flavors & Extracts |  |  | Color |  |  | Corporate & Other |  |  | Consolidated |
Non-cash impairment charges – Selling and administrative expenses |  | $ | 117 |  |  | $ | - |  |  | $ | - |  |  | $ | 117 |
Non-cash charges – Cost of products sold |  |  | 326 |  |  |  | - |  |  |  | - |  |  |  | 326 |
Employee separation – Selling and administrative expenses |  |  | 234 |  |  |  | - |  |  |  | - |  |  |  | 234 |
Other production costs – Cost of products sold |  |  | 1,463 |  |  |  | - |  |  |  | - |  |  |  | 1,463 |
Other costs – Selling and administrative expenses(1) |  |  | 937 |  |  |  | 97 |  |  |  | 165 |  |  |  | 1,199 |
Total |  | $ | 3,077 |  |  | $ | 97 |  |  | $ | 165 |  |  | $ | 3,339 |
| (1) | Other costs include professional services, decommissioning costs, and other related costs.
The following table summarizes the Portfolio Optimization Plan expenses by segment for the six months ended June 30, 2025:
(In thousands) |  | Flavors & Extracts |  |  | Color |  |  | Corporate & Other |  |  | Consolidated |
Non-cash impairment charges – Selling and administrative expenses |  | $ | 117 |  |  | $ | - |  |  | $ | - |  |  | $ | 117 |
Non-cash charges – Cost of products sold |  |  | 1,181 |  |  |  | - |  |  |  | - |  |  |  | 1,181 |
Employee separation – Selling and administrative expenses |  |  | 480 |  |  |  | 8 |  |  |  | - |  |  |  | 488 |
Other production costs – Cost of products sold |  |  | 2,422 |  |  |  | - |  |  |  | - |  |  |  | 2,422 |
Other costs – Selling and administrative expenses(1) |  |  | 1,728 |  |  |  | 102 |  |  |  | 165 |  |  |  | 1,995 |
Total |  | $ | 5,928 |  |  | $ | 110 |  |  | $ | 165 |  |  | $ | 6,203 |
| (1) | Other costs include professional services, decommissioning costs, and other related costs.
The following table summarizes the Portfolio Optimization Plan expenses by segment for the three months ended June 30, 2024:
(In thousands) |  |  | Flavors & Extracts |  |  |  | Color |  |  |  | Corporate & Other |  |  |  | Consolidated |
Non-cash impairment charges – Selling and administrative expenses |  | $ | - |  |  | $ | 154 |  |  | $ | - |  |  | $ | 154 |
Non-cash charges – Cost of products sold |  |  | 283 |  |  |  | (176 | ) |  |  | - |  |  |  | 107 |
Employee separation – Selling and administrative expenses |  |  | 240 |  |  |  | 35 |  |  |  | - |  |  |  | 275 |
Other production costs – Cost of products sold |  |  | 100 |  |  |  | - |  |  |  | - |  |  |  | 100 |
Other costs – Selling and administrative expenses(1) |  |  | 743 |  |  |  | 400 |  |  |  | (27 | ) |  |  | 1,116 |
Total |  | $ | 1,366 |  |  | $ | 413 |  |  | $ | (27 | ) |  | $ | 1,752 |
| (1) | Other costs include professional services, decommissioning costs, accelerated depreciation, accelerated lease costs, and other related costs.
The following table summarizes the Portfolio Optimization Plan expenses by segment for the six months ended June 30, 2024:
(In thousands) |  |  | Flavors & Extracts |  |  |  | Color |  |  |  | Corporate & Other |  |  |  | Consolidated |
Non-cash impairment charges – Selling and administrative expenses |  | $ | - |  |  | $ | 1,129 |  |  | $ | - |  |  | $ | 1,129 |
Non-cash charges – Cost of products sold |  |  | 408 |  |  |  | (194 | ) |  |  | - |  |  |  | 214 |
Employee separation – Selling and administrative expenses |  |  | 851 |  |  |  | 526 |  |  |  | 28 |  |  |  | 1,405 |
Other production costs – Cost of products sold |  |  | 100 |  |  |  | - |  |  |  | - |  |  |  | 100 |
Other costs – Selling and administrative expenses(1) |  |  | 1,059 |  |  |  | 684 |  |  |  | (27 | ) |  |  | 1,716 |
Total |  | $ | 2,418 |  |  | $ | 2,145 |  |  | $ | 1 |  |  | $ | 4,564 |
| (1) | Other costs include professional services, decommissioning costs, accelerated depreciation, accelerated lease costs, and other related costs.

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