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International Flavors & Fragrances (New York) has reported first quarter 2006 sales of $511.4 million, a decline of 2 percent from the same quarter 2005. (All percentage gains and losses are measured against the same period 2005.) Sales for the quarter were affected by the strength of the US dollar. Fragrance sales for the quarter decreased 2 percent, while flavor sales were flat. Leading the fragrance sales was fine fragrance, which increased 2 percent. Sales of functional fragrances declined 4 percent and fragrance ingredient sales declined 6 percent.
Of the results, IFF chairman and CEO Richard A. Goldstein said, “I am encouraged by our continued strong performance both in fine fragrance and in many of the markets we have targeted for growth — notably India and Latin America. I am confident that our improved sales performance is the result of our focus on innovation, customer service and operating discipline. I believe these strengths, combined with the actions announced in early January 2006 to reduce costs and improve profitability, will create significant value for IFF’s shareholders.”