PARIS — Swiss fragrance and flavors supplier Givaudan reported third-quarter sales gained 6.4 percent, with strong growth in fine fragrance sales in North America, Latin America and the Middle East offsetting sluggish sales in Asia and Western Europe.
The company also announced further changes to its executive committee with the appointment of Tom Hallam, currently head of group controlling and business development, as chief financial officer, effective January 2017. He succeeds Matthias Währen, who will retire as cfo on Dec. 31, 2016.
Givaudan also stated that Jürg Witmer is due to retire as chairman and member of the board at the annual general meeting on March 23, 2017. The board at the meeting will propose to elect current vice chairman Calvin Grieder as its new chairman and intends to appoint Werner Bauer as new vice chairman.
In the three months ended Sept. 30, the Vernier, Switzerland-based company’s sales were 1.18 billion Swiss francs, or $1.2 billion. Revenues rose 3.1 percent on a like-for-like basis.
The company’s fragrance sales totaled 567 million Swiss francs, or $581 million, up 4.8 percent in reported terms and up 3.4 percent on a like-for-like basis.
Its flavors revenues were 617 million Swiss francs, or $632 million, a 7.9 percent advance in local currencies and up 2.9 percent on a comparable basis, driven by new wins and strong existing business in Latin America and Asia-Pacific, the company said.
The company’s overall revenues in the first nine months rose 6.7 percent to 3.52 billion Swiss francs, or $3.59 billion, and gained 5.1 percent on a like-for-like basis.
Its fragrance sales over the period were up 8.7 percent to 1.7 billion Swiss francs, or $1.73 billion, on a reported basis, and up 7.5 percent on a comparable basis, while its flavors sales of 1.82 billion Swiss francs, or $1.86 billion, rose 5 percent in reported terms and 3 percent on a like-for-like basis.
Dollar figures are converted at average exchange for the period to which they refer.