International Flavors & Fragrances (IFF) is said to be cutting 370 jobs over the next two jobs as part of a cost-cutting exercise.

Around 5 percent of its workforce will be axed, with the company expecting to receive around $35million in charges due to the cuts.

However, at the same time IFF had a somewhat stellar year, with the company reporting a 3 percent sales increase for 2016, with fourth quarter profit rising to $79.9 million – this excludes $25 million set aside for a legal matter and other items. Meanwhile profit rose to $1.22 a share from $1.05 year on year, according to MarketWatch.

Indeed, the 2017 forecast is even more positive for the company, with sales expected to increase to 5 or 6 percent.