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IFF (New York) has reported third quarter 2006 sales of $539 million, an increase of 9% over the prior year quarter. (All percentage gains and losses are measured against the same period 2005.) Fragrance and flavor sales increased 12% and 6%, respectively. Fragrance sales were led by a 24% increase in fine fragrance sales, with much of the growth driven by new product introductions. Sales of functional fragrances increased 5%, while sales of fragrance ingredients increased 11%. Flavor sales increased 6%, based on a combination of new product introductions and volume growth.
Of the results, IFF chairman and CEO Robert M. Amen said, “The acceleration of growth in sales and earnings is very encouraging. We continue to perform very well in fine fragrances, with our major customers, and in key growth markets—notably Latin America, Asia and Eastern Europe. These strong performances have been enhanced by renewed growth and improved operating results in both North America and Western Europe. These results demonstrate the strategic initiatives undertaken in the past year are beginning to pay off.”