Swiss flavours and fragrances maker Givaudan said it remains “confident” it will outgrow the “underlying markets”, despite posting a drop in sales for the first nine months of the year.
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Sales for the period fell 3.9% to CHF3bn (US$2.9bn), hit by the weak US dollar.
Excluding the effects of the divested business in the flavour division, growth in local currencies was 0.6%.
For the full year 2009, Givaudan said it remains confident it will outgrow the “underlying market”, based on the solid brief pipeline and recent new wins.
The company aims to achieve an announced savings target of CHF200m by 2010 and to reach its pre-acquisition EBITDA margin level of 22.7% by 2010.
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By GlobalDataThe company’s flavour division recorded sales of CHF1.64bn, representing an increase of 1.1% in local currencies and a decline of 2.9% in Swiss francs.
The weak economy continued to impact the sales growth in North America, Central and Eastern Europe, whilst in Asia Pacific and Latin America, the division posted strong growth.
