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Citing currency valuations and the global economic slowdown, Frutarom reported third quarter sales of $111.6 million, down 7%, year-over-year. Sales for the first nine months of 2009 fell 15.5% compared to the same period 2008, totaling $316.7 million. Gross profit for the third quarter and first nine months was $41.2 million (2008: $45.3 million) and 37% (2008: 37.7%), respectively.
"The global crisis changed the growth trend which characterized most of the global markets in recent years," said Ori Yehudai, CEO, Frutarom. "Frutarom entered this challenging and crisis-related period as a leading and strong global company, with a solid capital structure and an experienced global management. Since the breakout of the global economic crisis, Frutarom deepened its focus and decisively acted to strengthen its competitiveness and to improve its operational efficiency while tightly reducing and controlling its expense level. Concurrently, we continue to strengthen our R&D and sales infrastructures to ensure the continuation of our profitable growth.We are convinced that we will be able to achieve our target and to again double Frtuarom's sales turnover in the next four years, to approximately $1 billion."