ZoomEssence®, Inc. and International Flavors & Fragrances, Inc. (NYSE: IFF) have settled all claims and counterclaims brought in a lawsuit that was originally filed by ZoomEssence on March 9, 2012, in the United States District Court for the District of New Jersey. Under the settlement, IFF will make a one-time payment of $56,000,000 to ZoomEssence. The Settlement Agreement provides for the dismissal of all claims, with prejudice and without any admission of liability or wrongful conduct, and full mutual releases.
ZoomEssence creates and manufactures a broad range of powder flavors for brands around the globe, partnering with them to custom design consumer-preferred flavor solutions.
"Our patented Zooming® process is an innovative, no-heat spray drying technology," said Robert Corbett, Chief Executive Officer at ZoomEssence. "Our mission is to empower brands to deliver exceptional, cost-effective consumer taste experiences never before possible with powder flavors."
"Zooming® results in better particle formation, protecting the flavor's integrity while enhancing stability," said Dr. Charles Beetz, Chief Scientist at ZoomEssence. "As a result, our patented DriZoom® powder uniquely retains the qualities present in the liquid flavors we dry to yield authentic taste and aroma."
ZoomEssence was represented in the lawsuit by Steven G. Storch, Bijan Amini, Lita Beth Wright, Jason Levin and Casey Hail of Storch Amini PC in New York, New York.