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Symrise Reports Gain in Q1 2009
Posted: May 7, 2009
Symrise reported first quarter 2009 sales of €346.7 million, a 2.6% gain on the same period last year. While the company reported a 48% gain in North American sales, due to recent acquisitions, and a 14% gain in South America, turnover in EAME fell significantly. And while sales were relatively stable, profitability continued to be impacted by raw material prices, "weaker sales development," and integration and restructuring costs.
The scent and care sector posted flat sales of €179.8 million, while flavor and nutrition reported a 5.5% year-over-year gain, totaling €166.9 million.
"The market environment still poses a huge challenge for the whole industry," said Gerold Linzbach, CEO, Symrise. "Customers are continuing to reduce their inventory levels and their ordering behavior remains volatile. Symrise has succeeded in holding its own in this environment, although we are not satisfied with the earnings position. We have been working on restructuring plans for some time now, and have implemented the first phase during the first quarter, primarily in Western Europe. We aim to consistently adjust our cost base to the current underlying conditions. Symrise is still pursuing its goal of growing faster than the market. We believe that our strategy puts us in a good position to achieve this goal, even in the difficult environment of 2009.”