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.”

To continue reading this article...

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus