GREENWICH, Conn., April 3, 2014 /PRNewswire/ -- FrontFour Capital
Group LLC, together with its affiliates ("FrontFour"), today
commented on the resignation of Dr. Elaine
R. Wedral, a director of Sensient Technologies Corporation
(the "Company" or "Sensient"), from the board of directors of
Balchem Corporation ("Balchem"), effectively acknowledging the
inherent conflict that would have existed by her continued service
on both boards following Balchem's announcement to acquire
Performance Chemicals & Ingredients Company (d/b/a
SensoryEffects), a direct competitor of Sensient, on March 31, 2014. FrontFour acknowledges that it
inadvertently missed Balchem's disclosure made late on Friday, March 28, 2014, that Wedral notified
Balchem of her intention to resign from the Balchem board,
effective April 1, 2014.
FrontFour also addressed today its frustration with Sensient's
continued attempt to obfuscate the depth of the Company's
operational underperformance within their Flavors & Fragrances
business when compared to that of relevant competitors. As
illustrated by the charts below, Sensient continues to compare its
Flavors and Fragrances margins to
solely the Flavors margins of their
competitors. The analysis below clearly demonstrates that
Sensient underperforms its three direct competitors by
approximately 160 to 360 basis points when viewed on an
apples-to-apples basis. Additionally, Sensient excludes from
segment income and lumps into their corporate/other line item,
their Asia Pacific Group, China Group and Central & South
American Flavors Group. We question why Sensient would
lump these operating segments, representing approximately
$150 million or 10% of 2013 revenue,
within their corporate/other line item without adequate financial
disclosure.
FrontFour has nominated four (4) nominees for election to the
Sensient Board at the 2014 Annual Meeting of Shareholders.
FrontFour encourages all shareholders to vote the GREEN
proxy card today to elect FrontFour's highly qualified director
nominees.
Shareholders who have any questions, or require assistance with
their vote, should contact FrontFour's proxy solicitor, Okapi
Partners LLC, at (212) 297-0720 or (877) 566-1922, or by email at
info@okapipartners.com.
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Contacts:
Stephen Loukas
FrontFour Capital Group LLC
35 Mason Street, 4th Floor
Greenwich, CT 06830
203-274-9050
Bruce H. Goldfarb/Charles W. Garske/Lisa
Patel
Okapi Partners LLC
(212) 297-0720
info@okapipartners.com
SOURCE FrontFour Capital Group LLC