8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549______________

FORM 8-K

CURRENT REPORTPURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) November 8, 2011

INTERNATIONAL FLAVORS & FRAGRANCES INC.

(Exact Name of Registrant as Specified in Charter)

New York	1-4858	13-1432060
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

521 West 57th Street, New York, New York	10019
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code (212) 765-5500

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

Attached and being furnished hereby as Exhibit 99.1 is a copy of a press release of International Flavors & Fragrances Inc. ("IFF" or the "Company") dated November 8, 2011 reporting IFF's financial results for the quarter ended September 30, 2011.

An audio webcast to discuss the Company's third quarter 2011 financial results and full year 2011 outlook will be held today, November 8, 2011, at 10:00 a.m. EDT.  Interested parties can access the webcast and accompanying slide presentation on the Company's website at www.iff.com under the Investor Relations section.  For those unable to listen to the live broadcast, a replay will be available on the Company's website approximately one hour after the event and will remain available on the IFF website for one year.

Non-GAAP financial measures:  The Company uses non-GAAP financial operating measures which exclude restructuring charges (including costs associated with the Company’s restructuring efforts in Europe in 2010 and 2011).  In addition, in certain instances, we exclude the effects of exchange rate fluctuations when discussing our historical performance. The Company also discloses, from time to time, non-GAAP effective tax rates, which exclude the effect of the benefits of tax rulings relating to prior periods, as additional information in seeking to assess and compare our tax rates without the benefit of those tax rulings. Such information is supplemental to information presented in accordance with GAAP and is not intended to represent a presentation in accordance with GAAP. In discussing our historical and expected future results and financial condition, we believe it is meaningful for investors to be made aware of and to be assisted in a better understanding of, on a period-to-period comparative basis, of financial amounts both including and excluding these identified items, as well as the impact of exchange rate fluctuations on operating results and financial condition. We believe such additional non-GAAP information provides investors with an overall perspective of the period-to-period performance of our core business.  In addition, management internally reviews each of these non-GAAP measures to evaluate performance on a comparative period-to-period basis in terms of absolute performance, trends and expected future performance with respect to our core continuing business.  A material limitation of these non-GAAP measures is that such measures do not reflect actual GAAP amounts, restructuring charges include actual cash outlays; and we compensate for such limitations by presenting the accompanying reconciliation to the most directly comparable GAAP measure. These non-GAAP measures may not be comparable to similarly titled measures used by other companies.  Management compensates for such limitations by clarifying that these measures are only one operating metric used for analysis and planning purposes and by providing the corresponding GAAP financial measures and a reconciliation to the corresponding GAAP financials measures on IFF’s website at www.iff.com under the Investor Relations section.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1 Press Release of International Flavors & Fragrances Inc., dated November 8, 2011.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		INTERNATIONAL FLAVORS & FRAGRANCES INC.
Dated:	November 8, 2011	/s/ Kevin C. Berryman
		Name:  Kevin C. Berryman
		Title: Executive Vice President and Chief
		Financial Officer

Exhibit Index

Number	Description
99.1	99.1 Press Release of International Flavors & Fragrances Inc., dated November 8, 2011.

EX-99.1

Exhibit 99.1

IFF Reports Third Quarter 2011 Results

Reported Sales Increased 6%, Local Currency Sales Up 1%

Reported Operating Profit Increased 7%, Adjusted Operating Profit Grew 4%

Reported EPS Increased 5%, Adjusted EPS Increased 2%

NEW YORK--(BUSINESS WIRE)--November 8, 2011--International Flavors & Fragrances Inc. (NYSE: IFF), a leading global creator of flavors and fragrances for consumer products, today reported third quarter 2011 revenue of $714 million, six percent higher than the prior year period. Excluding the impact of foreign currency, revenue in local currency increased one percent. Reported earnings per share (EPS) increased five percent to $1.00 compared to $0.95 for the third quarter 2010. EPS in 2011 included a $0.01 per share benefit associated with the reversal of restructuring liabilities, as compared to a $0.03 per share expense related to restructuring efforts in Europe in the prior year period. Excluding these items from each period, adjusted EPS for the third quarter increased two percent to $1.00 versus $0.98 in the prior year quarter.

“Our category, customer and geographic diversity continued to support our financial results in the third quarter,” said Doug Tough, Chairman and Chief Executive Officer. “The Flavors business continued to gain market share led by our innovative health and wellness portfolio and double-digit growth in the emerging markets. In Fragrances, results were pressured by price-driven volume declines in Ingredients, where changes in volume are more price sensitive, and a general weakening of our more discretionary categories such as Fine Fragrance and Beauty Care. Fortunately, our emphasis on improved pricing and cost control, as well as favorable foreign exchange benefits, helped produce positive financial results on a consolidated basis.”

Mr. Tough continued, “Given our year-to-date performance, plus a more cautious outlook for the fourth quarter, we now expect local currency sales growth and adjusted EPS growth to approach the low end of our long-term financial targets for the full year 2011. Despite the challenging economic conditions, we continue to believe we can deliver adjusted operating profit growth above our long-term targets driven by our efforts in pricing, the benefit of previous restructuring activities, and cost control initiatives.”

THIRD QUARTER 2011

Flavor Business Unit

Local currency sales in the third quarter increased eight percent over the prior year period as double-digit growth in the emerging markets continued to drive results. In the developed markets, growth in North America was once again the strongest, led by several health and wellness initiatives. From a category perspective, Savory continued to grow double-digits for the fourth consecutive quarter and Beverage was up high single-digits for the eighth consecutive quarter.

Operating profit increased 13 percent, or $8 million, to $71 million in the third quarter as sales growth, including pricing, and continued cost discipline drove results. Operating profit margin declined 10 bps versus the prior year period to 20.9 percent as pricing actions and cost control virtually covered the impact of higher raw material costs on operating profit margin.

Fragrance Business Unit

Local currency sales in the third quarter declined five percent against a 15 percent increase in the prior year period. In Fine Fragrance & Beauty Care, new business wins and price increases were more than offset by volume declines on existing business. Functional Fragrance results were similar to year-ago levels as new business wins, the realization of price increases and continued success in the Home Care category balanced volume declines. Fragrance Ingredients was most challenged, as price increases to reduce the impact of rising raw materials costs substantially impacted volumes of some lower value-added products.

Operating profit decreased by $9 million to $59 million in the third quarter, including a $1 million benefit associated with the reversal of restructuring liabilities, as compared to a $2 million expense related to restructuring efforts in Europe in the prior year period. Excluding these items from each period, adjusted operating profit declined by $12 million as strong double-digit increases in raw material costs and lower sales more than offset sequential improvements in pricing, the benefits associated with the European restructuring, and disciplined cost control. Adjusted operating profit margin fell 330 bps to 15.7 percent versus the year-ago period.

Sales performance by region and product category follows:

			% Change in Sales- Third Quarter 2011 vs. Third Quarter 2010
			Fine & Beauty	Functional	Ingredients	Total Frag.	Flavors	Total
North America		Reported	-2%	3%	-10%	-3%	9%	3%
EAME 1		Reported	5%	11%	-8%	4%	15%	8%
	Local Currency		-6%	0%	-16%	-6%	5%	-2%
Latin America		Reported	-2%	1%	-15%	-2%	9%	2%
	Local Currency		-4%	1%	-16%	-3%	6%	0%
Greater Asia		Reported	1%	0%	-12%	-2%	17%	10%
	Local Currency		-2%	-3%	-15%	-4%	10%	4%
Total		Reported	1%	5%	-10%	0%	13%	6%
	Local Currency		-4%	0%	-15%	-5%	8%	1%

¹ Europe, Africa and Middle East

Third Quarter 2011 Highlights

• Gross profit, as a percentage of sales, was 39.0 percent compared with 42.3 percent in the prior year period as double-digit increases in raw material costs more than offset the benefits of increased pricing.
• Research, selling and administrative (RSA) expenses, as a percentage of sales, decreased 300 bps year-over-year to 21.1 percent reflecting lower incentive compensation accruals and cost control. Within RSA, research and development expense increased slightly driven by investments to support strategic growth initiatives.
• Operating profit increased $8 million to $129 million, including a $1 million benefit associated with a reversal of restructuring liabilities, as compared to a $2 million expense related to restructuring efforts in Europe in the prior year period. Excluding these items from each period, adjusted operating profit grew four percent, or $5 million, to $128 million as pricing actions, lower incentive compensation accruals, foreign exchange benefits, and cost control drove results. Adjusted operating profit margin decreased 40 bps to 17.9 percent versus 18.3 percent in the year-ago period.
• Interest expense declined $2 million year-over-year reflecting lower levels of outstanding debt.
• The effective tax rate was 26.9 percent as compared to 27.4 percent in the prior year period primarily reflecting a U.S. Research and Development credit in the 2011 period.

About IFF

International Flavors & Fragrances Inc. (NYSE: IFF) is a leading global creator of flavors and fragrances used in a wide variety of consumer products. Consumers experience these unique scents and tastes in fine fragrances and beauty care, detergents and household goods, as well as beverages, confectionery and food products. The Company leverages its competitive advantages of consumer insight, research and development, creative expertise, and customer intimacy to provide customers with innovative and differentiated product offerings. A member of the S&P 500 Index, IFF has more than 5,500 employees working in 33 countries worldwide. For more information, please visit our website at www.iff.com.

Audio Webcast

An audio webcast to discuss the Company's third quarter 2011 financial results, and fourth quarter and full year 2011 outlook will be held today, November 8, 2011, at 10:00 a.m. EST. Interested parties can access the webcast and accompanying slide presentation on the Company's website at www.iff.com under the Investor Relations section. For those unable to listen to the live broadcast, a replay will be available on the Company's website approximately one hour after the event and will remain available on the IFF website for one year.

Cautionary Statement Under The Private Securities Litigation Reform Act of 1995

Statements in this press release, which are not historical facts or information, are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management’s current assumptions, estimates and expectations. Certain of such forward-looking information may be identified by such terms as “expect”, “anticipate”, “believe”, “outlook”, “may”, “estimate” and “predict” similar terms or variations thereof. All information concerning future revenues, tax rates or benefits, energy costs, interest and other savings, capital expenditures, earnings and other future financial results or financial position, constitutes forward-looking information. Such forward-looking statements are based on a series of expectations, assumptions, estimates and projections about the Company, are not guarantees of future results or performance, and involve significant risks, uncertainties and other factors, including assumptions and projections, for all forward periods. Actual results of the Company may differ materially from any future results expressed or implied by such forward-looking statements. Such factors include, among others, the following:

• General economic and business conditions in the Company’s markets and demand for the Company’s products, especially given the current disruption in global economic conditions, including economic and recessionary pressures;
• Decline in consumer confidence and spending and changes in consumer preferences;
• Competitive products and pricing pressures;
• Significant fluctuations in the value of the U.S. dollar;
• Population health and political uncertainties, and the difficulty in projecting the short and long-term effects of global economic conditions;
• Movements in interest rates;
• Volatility and deterioration of the capital and credit markets, and any adverse impact on our cost of and access to capital and credit;
• Fluctuations in the price, quality and availability of raw materials;
• The Company’s ability to implement its business strategy, including the achievement of anticipated cost savings, profitability, realization of price increases and growth targets;
• The level of success the Company achieves in developing and introducing new products and entering new markets;
• The impact of currency fluctuation or devaluation in the Company’s principal foreign markets, especially given the current disruptions to such currency markets, and the impact on the availability, effectiveness and cost of the Company’s hedging and risk management strategies;
• The outcome of uncertainties related to litigation or settlement, including pending patent litigation;
• The impact of possible pension funding obligations and increased pension expense on the Company’s cash flow and results of operations;
• The effect of legal and regulatory proceedings, as well as restrictions imposed on the Company, its operations or its representatives by U.S. and foreign governments;
• Changes in federal, state, local and foreign tax legislation or the results of tax audits, assessments, or disputes may result in fluctuations in our tax obligations, effective tax rate or results of our operations;
• Any business disruptions due to political instability, armed hostilities, incidents of terrorism, natural disasters or the responses to or repercussion from any of these or similar events or conditions; and
• Adverse changes due to accounting rules or regulations.

The foregoing list of important factors does not include all such factors, nor necessarily present them in order of importance. In addition, you should consult other disclosures made by the Company (such as in our other filings with the Securities and Exchange Commission (“SEC”) or in company press releases) for other factors that may cause actual results to differ materially from those projected by the Company.

The Company intends its forward-looking statements to speak only as of the time of such statements and does not undertake or plan to update or revise them as more information becomes available or to reflect changes in expectations, assumptions or results. The Company can give no assurance that such expectations or forward-looking statements will prove to be correct. An occurrence of, or any material adverse change in, one or more of the risk factors or risks and uncertainties referred to in this report or included in our other periodic reports filed with the SEC could materially and adversely impact our operations and our future financial results.

Any public statements or disclosures by IFF following this release that modify or impact any of the forward-looking statements contained in or accompanying this report will be deemed to modify or supersede such outlook or other forward-looking statements in or accompanying this report.

International Flavors & Fragrances Inc.
Consolidated Income Statement
(Amounts in thousands except per share data)
(Unaudited)
	Three Months Ended							Nine Months Ended
	September 30,							September 30,
	2011			2010		% Change		2011		2010		% Change
Net sales	$	713,775		$	673,283	6		$	2,143,635	$	1,992,993	8
Cost of goods sold		435,400			388,235	12			1,283,377		1,152,737	11
Gross profit		278,375			285,048	(2	)		860,258		840,256	2
Research and development		53,637			53,214	1			167,322		161,688	3
Selling and administrative		96,783			108,955	(11	)		309,626		336,487	(8	)
Restructuring and other charges		(645	)		2,355				3,368		9,186
Interest expense		10,280			12,244				33,969		37,031
Other expense, net		5,846			2,097				12,957		6,967
Income before taxes on income		112,474			106,183	6			333,016		288,897	15
Income taxes		30,233			29,145	4			90,544		80,917	12
Net income	$	82,241		$	77,038	7		$	242,472	$	207,980	17
Earnings per share - basic	$	1.01		$	0.96			$	3.00	$	2.61
Earnings per share - diluted	$	1.00		$	0.95			$	2.96	$	2.58
Average shares outstanding
Basic		80,644			79,357	2			80,381		79,078	2
Diluted		81,628			80,266	2			81,422		79,997	2

International Flavors & Fragrances Inc.
Condensed Consolidated Balance Sheet
(Amounts in thousands)
(Unaudited)
	September 30,		September 30,
	2011		2010
Cash & cash equivalents	$	107,283	$	131,332
Receivables		518,967		451,804
Inventories		534,765		531,675
Other current assets		222,422		210,384
Total current assets		1,383,437		1,325,195
Property, plant and equipment, net		563,691		538,118
Goodwill and other intangibles, net		709,863		714,416
Other assets		296,538		294,726
Total assets	$	2,953,529	$	2,872,455
Bank borrowings and overdrafts, and
current portion of long-term debt	$	154,652	$	133,899
Other current liabilities		420,610		527,052
Total current liabilities		575,262		660,951
Long-term debt		757,070		787,668
Non-current liabilities		422,733		420,681
Shareholders' equity		1,198,464		1,003,155
Total liabilities and shareholders' equity	$	2,953,529	$	2,872,455

International Flavors & Fragrances Inc.
Consolidated Statement of Cash Flows
(Amounts in thousands)
(Unaudited)
			Nine Months Ended
			September 30,
			2011			2010
Cash flows from operating activities:
Net income			$	242,472		$	207,980
Adjustments to reconcile to net cash provided by operations:
	Depreciation and amortization			56,245			60,137
	Deferred income taxes			25,672			(40,720	)
	Gain on disposal of assets			(2,365	)		(2,960	)
	Stock-based compensation			19,456			16,708
	Pension settlement/curtailment			3,583			-
	Changes in assets and liabilities
		Current receivables		(71,928	)		(60,926	)
		Inventories		(6,949	)		(53,155	)
		Current payables		(125,030	)		92,841
		Changes in other assets/liabilities		(24,430	)		(11,580	)
Net cash provided by operations				116,726			208,325
Cash flows from investing activities:
	Additions to property, plant and equipment			(74,743	)		(53,597	)
	Purchase of investments			(1,733	)		(3,592	)
	Maturities of net investment hedge			(2,220	)		1,668
	Proceeds from disposal of assets			469			1,541
Net cash used in investing activities				(78,227	)		(53,980	)
Cash flows from financing activities:
	Cash dividends paid to shareholders			(65,174	)		(59,605	)
	Net change in bank borrowings and overdrafts			83,292			(76,086	)
	Repayments of long-term debt			(100,000	)		-
	Proceeds from issuance of stock under stock-based plans			14,319			17,105
	Excess tax benefits on stock-based payments			5,223			-
Net cash used in financing activities				(62,340	)		(118,586	)
Effect of exchange rates changes on cash and cash equivalents				(208	)		(1,009	)
Net change in cash and cash equivalents				(24,049	)		34,750
Cash and cash equivalents at beginning of year				131,332			80,135
Cash and cash equivalents at end of period			$	107,283		$	114,885

International Flavors & Fragrances Inc.
Business Unit Performance
(Amounts in thousands)
(Unaudited)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Net Sales
Flavors	$	340,610		$	300,540		$	1,024,604		$	905,032
Fragrances		373,165			372,743			1,119,031			1,087,961
Consolidated		713,775			673,283			2,143,635			1,992,993
Operating Profit
Flavors		71,162			62,980			221,119			189,064
Fragrances		59,315			68,611			186,266			190,000
Global Expenses		(1,877	)		(11,067	)		(27,443	)		(46,169	)
Consolidated		128,600			120,524			379,942			332,895
Interest Expense		(10,280	)		(12,244	)		(33,969	)		(37,031	)
Other expense, net		(5,846	)		(2,097	)		(12,957	)		(6,967	)
Income before taxes on income	$	112,474		$	106,183		$	333,016		$	288,897

International Flavors & Fragrances Inc.

Reconciliation of Income

(Amounts in thousands)

(Unaudited)

The following information and schedules provide reconciliation information between reported GAAP amounts and certain adjusted amounts. This information and schedules is 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.

	Third Quarter 2011
	Items Impacting Comparability
	Reported			Restructuring				Adjusted (Non-
	(GAAP)			Charges				GAAP)
Net Sales	$	713,775			-
Cost of goods sold		435,400			-
Gross Profit		278,375			-
Research and development		53,637			-
Selling and administrative		96,783			-
RSA Expense		150,420			-
Restructuring and other charges		(645	)		(645	)	(a)		-
Operating Profit		128,600			(645	)			127,955
Interest expense		10,280			-
Other expense, net		5,846			-
Income on taxes before income		112,474			(645	)			111,829
Income taxes		30,233			166				30,067
Net income		82,241			(479	)			81,762
Earnings per share - diluted	$	1.00		$	(0.01	)	(b)	$	1.00

(a)	A reversal of restructuring liabilities associated with the Fragrance European facilities rationalization
(b)	The sum of EPS Reported, plus the per share effects of items added back to reconcile to EPS as Adjusted, may not equal the total EPS as Adjusted, due to rounding differences.

	Third Quarter 2010
	Items Impacting Comparability
	Reported		Restructuring				Adjusted (Non-
	(GAAP)		Charges				GAAP)
Net Sales	$	673,283		-
Cost of goods sold		388,235		-
Gross Profit		285,048		-
Research and development		53,214		-
Selling and administrative		108,955		-
RSA Expense		162,169		-
Restructuring and other charges		2,355		2,355		(a)		-
Operating Profit		120,524		2,355				122,879
Interest expense		12,244		-
Other expense, net		2,097		-
Income on taxes before income		106,183		2,355				108,538
Income taxes		29,145		(306	)			29,451
Net income		77,038		2,049				79,087
Earnings per share - diluted	$	0.95	$	0.03			$	0.98

^(a) Related to the Fragrance European facilities rationalization completed in 2010

International Flavors & Fragrances Inc.

Reconciliation of Income

(Amounts in thousands)

(Unaudited)

The following information and schedules provide reconciliation information between reported GAAP amounts and certain adjusted amounts. This information and schedules is 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.

	Nine Months Ended September 30, 2011
	Items Impacting Comparability
	Reported		Restructuring				Adjusted (Non-
	(GAAP)		Charges				GAAP)
Net Sales	$	2,143,635		-
Cost of goods sold		1,283,377		-
Gross Profit		860,258		-
Research and development		167,322		-
Selling and administrative		309,626		-
RSA Expense		476,948		-
Restructuring and other charges		3,368		3,368		(a)		-
Operating Profit		379,942		3,368				383,310
Interest expense		33,969		-
Other expense, net		12,957		-
Income on taxes before income		333,016		3,368				336,384
Income taxes		90,544		(827	)			91,371
Net income		242,472		2,541				245,013
Earnings per share - diluted	$	2.96	$	0.03			$	2.99

^(a) Related to the Fragrance European facilities rationalization completed in 2010

	Nine Months Ended September 30, 2010
	Items Impacting Comparability
	Reported		Restructuring				Adjusted (Non-
	(GAAP)		Charges				GAAP)
Net Sales	$	1,992,993		-
Cost of goods sold		1,152,737		-
Gross Profit		840,256		-
Research and development		161,688		-
Selling and administrative		336,487		-
RSA Expense		498,175		-
Restructuring and other charges		9,186		9,186		(a)		-
Operating Profit		332,895		9,186				342,081
Interest expense		37,031		-
Other expense, net		6,967		-
Income on taxes before income		288,897		9,186				298,083
Income taxes		80,917		(1,135	)			82,052
Net income		207,980		8,051				216,031
Earnings per share - diluted	$	2.58	$	0.10			$	2.68

^(a) Related to the Fragrance European facilities rationalization completed in 2010

CONTACT:
International Flavors & Fragrances Inc.
Investor Relations:
Michael DeVeau, 212-708-7164