Swiss company Givaudan, the number two global flavours company behind International Flavors and Fragrances, could be on track to achieving its objective of becoming 'the undisputed leader in terms of growth, profitability and innovation' after it reported strong growth for 2002, compared with the same period last year.
In the first nine months of 2002, Givaudan recorded sales of SF2,049 million (€1,400.28m) representing a growth of 16.4 per cent in local currencies and 10.1 per cent in Swiss francs compared to the same period of last year. Since May, sales include the figures of the recently acquired flavour business of Nestle (FIS).
In a statement on Thursday the company said that a solid pipeline of new projects with key customers is providing confidence for future growth, despite the difficult economic and political climate and that it expects good results for the full year 2002.
The Flavour Division recorded double-digit growth in the regions of North America, Europe/Africa/Middle East as well as Asia Pacific. Savoury and food service sales made a major step forward thanks to the integration of FIS, said Givaudan.
In Asia Pacific, the markets of Japan, China, and Oceania were significant contributors to the region's double-digit growth. Sales gains were balanced between growth in existing business as well as new wins with key accounts throughout the region. The company suggested that the programme of leadership in authentic ethnic taste was a major contributor to its success.
In Latin America, all key markets, with the exception of Argentina, continued showing a positive sales growth trend versus last year. Mexico and the Andean region grew at a double-digit pace, while Brazil delivered solid growth. Major gains in beverages, the largest business segment in the region, significantly contributed to the positive result.
Sales in USA and Canada continued to expand at a double-digit rate and the trend remains favourable with double-digit growth in the third quarter, led by the beverage segment. Food service sales are also continuing to gain momentum.
Sales in Europe, Africa and Middle East continued the positive trend from the first half by considerably outperforming market growth in local currency terms . The confectionery, savoury and beverage segments contributed to the results as well as strong performances in the markets of Central Europe, the United Kingdom, Spain, Portugal and France.