Givaudan on track to offset higher input costs as sales rise (updated)
11/10/2022 05:27
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ZURICH, Oct 11 (Reuters) - Swiss fragrance and flavour
maker Givaudan GIVN.S said on Tuesday it was on track to
implement price increases to offset higher input costs after
like-for-like sales rose 6.1% in the first nine months of 2022.
"With higher input costs in 2022, the company is fully on
track in implementing price increases in collaboration with its
customers to fully compensate for the increases in input costs,"
the company that makes fragrances for perfumes and flavours for
food and drinks said in a statement.
Sales were up 6.1% on a like-for-like basis and 7.7% in
Swiss francs, reaching 5.458 billion Swiss francs ($5.45
billion) in the nine-month period, the Geneva-based company
said.
Sales in Givaudan's fragrance and beauty business rose
5.8% at 2.489 billion francs, helped by almost 15% higher fine
fragrance sales, Givaudan said.
Sales in its taste and wellbeing unit increased by 6.4%
to 2.969 billion francs despite a hit from COVID-19 measures in
China, the company said.
The fragrance and flavour industry will have a new
champion when Dutch DSM DSMN.AS completes its merger with
Switzerland's Firmenich, but market experts still see Givaudan
as No.1 in fine and consumer fragrances and as co-leader in
flavours with IFF IFF.N . urn:newsml:reuters.com:*:nL1N2XN07F
Givaudan confirmed its mid-term target of 4-5% average
organic sales growth per year on a like-for-like basis.
(Reporting by Silke Koltrowitz, Editing by Miranda Murray)
((silke.koltrowitz@thomsonreuters.com; +41 41 528 3638;))