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IFF continues to report some strength in flavors and functional fragrance as challenges continue for fine and beauty care fragrance. In light of continuing challenges, CEO Robert Amen noted that there remain opportunities to “reduce overhead.”
The company posted second quarter revenue of $568 million, a drop of 11% year-over-year.
The fragrance unit saw a decline of 7%, with fine and beauty care down sharply. Meanwhile functional fragrance gains in fabric and personal wash highlighted the category’s continuing strength. IFF reported gains in all regions, except North America. Latin America and greater Asia were the strongest in the developing world.
The flavor unit was up slightly, compared to the same period in 2008. The Americas were strong, powered by savory wins that overcame weakness in beverages. Dairy and confectionery were strong points in Latin America. Europe continued to be weak.
The complete report is available here.