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Kerry's acquisition of Cargill Flavor Systems has boosted first-quarter 2012 sales, which grew 9.7% year-over-year. According to the company, the purchase significantly benefited its activities in the beverage sector.
The ingredients and flavors business revenues increased by 13.8% and business volumes grew by 2.2%, year-over-year. Sales revenues in the Americas increased by 12.2%, while business volumes were 1.1% above 2011 comparables.
Kerry saw "satisfactory" performance in Europe Middle East and Africa, with revenues growing 14.8% and business volumes increasing by 0.9%. Growth was boosted by the acquisitions of FlavourCraft and SuCrest.
Asia-Pacific sales revenues increased by 15.9%, while business volumes grew by 8.2%. Culinary systems performed well benefiting from increased demand for authentic ethnic marinades and dressings, according to the company. Meat technologies continued to outperform market growth rates in Australia and New Zealand.
Kerry notes that input costs continue to drag on results, though margins grew versus the same period 2011. Meanwhile, developing markets continue to promise growth.
Flavor and ingredient highlights from Kerry's official release: