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Frutarom posted third-quarter sales growth of 36.9% to reach $120 million. Gross profit grew by 43.6% to $45.3 million. According to the company, the results reflect the continued successful implementation of its growth strategy and the successful integration of the seven strategic acquisitions executed in 2007.
"Frutarom will continue to act determinedly to implement its rapid growth strategy, which combines organic growth and strategic acquisitions," said Ori Yehudai, president and CEO, Frutarom. "We view this challenging and complex period in the global economy as an opportunity to further establish Frutarom's position. Frutarom's core businesses, its solid capital structure and its ability to generate cash from current activities will enable it to successfully glide through the global economic crisis and exploit the opportunities that have emerged and continue to emerge as a result of this crisis."
Factors contributing to the growth include growth in sales of flavors produced and sold by its flavors division; growth in the sale of unique ingredients (mainly natural) sold by the fine ingredients division; and the acquisitions of Gewurzmuller, Raychan, Adumim and Rad during the third and last quarters of 2007 and their integration with Frutarom's global activity.
Additional financial information is available on the company's website.