International Flavors & Fragrances is planning to sell its Lucas Meyer Cosmetics business. The business makes botanicals, biomimetic peptides, and active ingredients for the cosmetics industry. IFF, which aims to pay down debt with proceeds from a sale, has been streamlining its portfolio. It sold its microbial control business to Lanxess in 2022; earlier this year, it sold its savory solutions and its flavor specialty ingredient businesses to private equity firms. IFF has also hired the investment bank J. P. Morgan to evaluate further divestitures.