GENEVA—In the first nine months of 2010, the Fragrance Division of Givaudan recorded sales of CHF 1,539 million, a growth of 12 percent in local currencies and 10.9 percent in Swiss francs. This excellent performance has been achieved as a result of a number of new wins with key customers and improved sales of existing products.
Total sales for Fragrance compounds (Fine Fragrances and Consumer Products combined) increased 11.9 percent in local currencies and 11 percent in Swiss francs to CHF 1,335 million from CHF 1,203 million.
Fine Fragrance continued to deliver strong growth. Against the backdrop of more challenging comparables, third quarter sales continued to grow strongly due to a combination of new wins and solid volume gains. Year to date sales are up 20.7 percent in local currencies, driven by a significant number of new wins, customers returning to normalized order patterns and the favorable impact of re-stocking earlier this year.
On a regional basis, Europe and North America continued to deliver the strongest growth both in the quarter and on a year to date basis. In Latin America the business delivered high single digit volume gains over the course of the year. The business pipeline remains strong with a significant number and value of new briefs received during the first nine months of the year.
The Consumer Products business grew by 9.4 percent in local currencies in the first nine months against positive prior year comparables. Sales growth was across all customer segments. Developing markets continued to generate double-digit growth while developed markets still delivered solid positive growth versus last year.
Asia Pacific reported double-digit sales growth spread across all customers groups and all products segments. Sales increases were particularly strong in India, Thailand and China.
Latin America posted strong growth led by sales in the fabric care segment, especially driven by good results in Argentina, Mexico and Venezuela. Local and regional customer sales, as well as International customer sales showed double-digit growth.
Europe, Africa and the Middle East reported an increase versus previous year among all customer groups. The sales increase was driven by the developing markets of Central and Eastern Europe, Africa and the Middle East, as well as growth in the mature markets.
North America posted a double-digit growth which was strongly supported by sales in the air care category and by significant results with international customers.
On a worldwide basis, all product segment sales were above prior year levels. Sales in home and fabric categories reported double digit growth. In particular, the air care category continued to deliver a strong double digit increase, led by sales in North America.
Sales of Fragrance Ingredients increased by 12.6 percent in local currencies. This double-digit growth was achieved thanks to an overall high level of demand, particularly for specialties. Sales growth includes a certain restocking element.