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Fine Fragrances, Ingredients Rebounding for Givaudan
Posted: October 9, 2009
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Givaudan (Geneva) has reported sales of CHF 3,025.5 million for the first nine months of 2009, reflecting a decrease of 3.9% in Swiss francs.
The company’s fragrance sales for the period dropped 5.1%, totaling CHF 1,387.6 million. In welcome industry news, fine fragrance sales actually showed signs of growth, led by Latin America and Asia-Pacific, which both posted double-digit growth. Fragrance ingredients also showed signs of recovery, particularly specialty ingredients.
Givuadan’s flavor division sales for the period, meanwhile, were CHF 1,637.9 million, representing an increase of 2.9%. The weak economy impacted results in North America and Central and Eastern Europe, whereas in Asia-Pacific and Latin America reported strong growth.
Givaudan has reiterated that by 2010 it will save CHF 200 million and reach its pre-acquisition EBITDA margin level of 22.7%.