By  on October 9, 2008

PARIS — Swiss flavors and fragrance supplier Givaudan posted third-quarter sales that were down 4.2 percent to 1.05 billion Swiss francs, or $984.8 million at average exchange.

For the first nine months of 2008, the firm generated sales of 3.15 billion Swiss francs, or $2.98 billion at average exchange for the period, representing a 1.4 percent increase in Swiss francs and a 9.8 percent hike in local currencies.

On a pro forma basis — assuming Quest International had been consolidated in Givaudan’s books since Jan. 1, 2007, and excluding the impact of portfolio streamlining — sales were up 3.4 percent in local currencies, the company said.

Givaudan added it is confident it will achieve its savings target of 200 million Swiss francs, or $177.5 million at current exchange, by 2010.

“Givaudan is well positioned to again grow above market as of 2009 and to reach pre-acquisition margin levels by 2010,” the firm stated. “In the coming five years, 2009 to 2013, Givaudan aims [to create] 620 million Swiss francs [or $550.2 million] of incremental sales on top of the market growth.”

In the nine-month period, Givaudan’s fragrance division generated sales of 1.46 billion Swiss francs, or $1.39 billion, an increase of 2.3 percent year-on-year in Swiss francs and 10.7 percent in local currencies.

“All core businesses — consumer products, fine fragrances and specialty ingredients — showed healthy growth,” the company stated. “Fine fragrance sales continue to show an improving trend.”

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