International Flavors & Fragrances Inc. is weighing a sale of a unit making ingredients for the cosmetics and personal care industry, people with knowledge of the matter said.

IFF is working with an adviser as it explores options for Lucas Meyer Cosmetics, which could be valued at about $1 billion, according to the people, who asked not to be identified discussing confidential information.

The unit may attract interest from rivals including UK specialty chemicals group Croda International Plc and European fragrance companies Givaudan SA of Switzerland and Germany’s Symrise AG, they said.

Deliberations are ongoing and IFF could opt to keep the business it acquired in 2015, the people said. Representatives for Croda, Givaudan and IFF declined to comment, while a spokesperson for Symrise didn’t immediately provide comment.

IFF cut its full-year outlook earlier this month, with its revised forecast coming in below analyst expectations. The company said it would continue to drive “portfolio optimization”. Its shares have fallen 20% in New York trading this year, giving the company a market value of about $21.5 billion.