Givaudan First Quarter 2009 Sales
Posted: April 6, 2009
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Fragrance ingredient sales dropped markedly as a result of down-stream destocking. During this period, the company released its new musk, Cosmone.
Flavors: Results were hampered by destocking and drops in mature market sales. The company offset some of these effects with success in new flavor launches and strong developing market results. Asia-Pacific flavor sales were flat, led by mature and ailing markets such as Japan. However, the developing markets of India, Indonesia, Thailand and the Philippines showed good results. Europe, Africa and Middle East sales declined slightly. Central and Eastern European markets were heavily affected by the economic crisis, though Africa and the Middle East showed a strong performance. North America sales declined at a low single digit rate, aided by new wins. Confectionery and beverage sales declined. Latin America sales grew at a double digit rate, driven by new wins. According to the company, "All markets contributed to this strong performance especially Brazil, Argentina and Mexico."