Leading flavours and fragrance company, Givaudan, has achieved sales of CHF 1,052.8m, an increase of 18.3% in Swiss francs, between January and March this year.
The recent integration of Quest International is “progressing well” and Givaudan has seen sales in its fragrance division jump by 21.9% to CHF 489.1m from last year's CHF 401.3m, while the flavour division has increased by 15.4% to CHF 563.7m.
For the rest of 2008, Givaudan is expecting its sales to grow in line with the market when excluding the impact of the announced CHF 114m of portfolio streamlining and business divestiture. The company is predicting it will reach CHF 130m sales of integration synergies by the end of this year.
However, declines were seen in sales of fine fragrance for Givaudan, with the European and North American markets suffering substantially, resulting in a decline due to the high inventory levels. The strong growth of the previous year's quarter in Latin America could not be repeated and consequently, the sales development was flat in this area.