Consumer Products, Fine Fragrances and specialtying redients showed a healthy

Tag : Flavour & Fragrance
On a pro forma basis, as if Quest had already been consolidatedsince 1 January 2007 and excluding the impact of the portfoliostreamlining, sales grew 3.4% in local currencies. The integrationachievements have reinforced Givaudans confidence that thecombined capabilities and talents offer a unique platform foraccelerated growth and performance improvement. The company isconfident to achieve the announced savings target of CHF 200million by 2010. Givaudan is well positioned to again grow abovemarket as of 2009 and to reach pre-acquisition margin levels by2010. In the coming five years, 2009-2013, Givaudan aims atcreating CHF 620 million of incremental sales on top of the marketgrowth. These incremental sales are expected to stem from a biggershare in developing countries, a strategic move into regional andsmaller clients as well as an incremental share with top tiercustomers, feminine fine fragrances, in household products and foodservice. Furthermore Givaudan has made substantial progress indeveloping the market of health and wellness; mainly in the areasof sugar and salt reduction. Fragrance Division The FragranceDivision recorded nine months sales of CHF 1,463 million, whichrepresents a growth of 1.5% in local currencies and a decline of6.2% in Swiss Francs. Excluding the impact of the portfoliostreamlining, sales grew 2.1% in local currencies. All corebusinesses, Consumer Products, Fine Fragrances and specialtyingredients showed a healthy growth. Fine Fragrances Fine Fragrancesales continue to show an improving trend. Year to date sales nowshow modest growth compared to last year as the launch of new winsmore than offset the underlying market weakness. In spite of thedifficult economic environment in North America, sales growth waswell above market, driven by new launches at several of thecompanys key accounts. In Europe growth was more modest, whilstLatin American sales were in line with last year. Consumer ProductsThe Consumer Products business unit delivered good growth, drivenby both, international and regional customers. In Asia Pacificsales showed growth across all customer groups, driven by solidresults in India, Indonesia and Vietnam. Strong growth in themarkets of Eastern Europe and Africa more than offset the somewhatweaker performance in the Middle East countries and in some WestEuropean markets. In Latin America, the strong growth of Mexico andVenezuela could not offset the weaker sales in Brazil andArgentina, leading to a marginal decline. Sales in North Americaare slightly below last year, despite strong results achieved withlocal customers. The strongest sales performance was recorded inthe fabric and personal care segments. Fragrance Ingredients Salesof fragrance ingredients continued to grow above prior year, drivenby the continued good double digit performance of specialities. Thediscontinuation of sales of lower value adding ingredients amountedto CHF 9 million. Flavour Division The Flavour Division recordednine months sales of CHF 1,686 million, an increase of 2.6% inlocal currencies and a decline of 5.3% in Swiss Francs. In thefirst nine months, the discontinuation of commodity ingredients andthe St. Louis divestment impacted sales by CHF 33 million.Excluding this effect, the Flavour Division would have reached agrowth of 4.5% in local currencies. Globally, sales developedpositively, driven by double digit growth in the developing marketsof Europe, Africa, the Middle East and Asia Pacific. Continuedstrong performance in North America was driven by new wins in thefoodservice and snack segments, whilst Latin American sales wereslightly ahead of prior year strong comparables. All major segmentsdelivered good growth for the first nine months with strong resultscoming from the savoury, snack and food service segments.AsiaPacific Sales in Asia Pacific grew at a mid single digit rateduring the first nine months, despite a very strong prior yearcomparable. The developing markets of India and Indonesia deliveredexceptional performance, posting strong growth rates, whilst themature markets growth was hampered by Japans weak beverageconsumption. From a business segment perspective, all majorsegments grew well, with the strongest performance coming fromsavoury and confectionery. Europe, Africa and Middle East Europeansales continued to deliver solid performance, resulting in a midsingle-digit growth. The developing markets of Africa, Middle East,Central and Eastern Europe grew at double digit rates, whilst themature markets posted low single digit growth. All major segmentsshowed a good performance thanks to new wins and the growth ofexisting business, especially in savoury, snacks and beverages.North America Nine month sales in North America showed solid growthas a result of strong gains from new wins in the savoury, snack anddairy segments, whilst the beverage and confectionery segmentsdeclined. In food service, several new wins resulted in high doubledigit sales gains. Latin America Latin American sales grew despitestrong comparables. Argentina continued to post double digit growthrates, driven by new wins and growth from existing business.Overall beverage sales delivered a high single digit growth rate,whilst savoury and dairy posted moderate growth.
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