IFF sales
This article was originally published in The Rose Sheet
Executive Summary
Third quarter North America fine fragrance and functional fragrance sales grew 17% and 9%, respectively, flavors and fragrances manufacturer reports Oct. 28. Consolidated sales grew 5% on a reported basis, or 2% at constant exchange rates, to $506.2 mil. Income results included $20 mil. in pre-tax restructuring and other charges related to the sale of certain European fruit business assets to Fruitarom and closure of Dijon, France manufacturing facility. Net income dropped 17% including the restructuring charges to $51 mil. Excluding the impact of the charges, net income increased 3%. IFF anticipates low to mid-single digit sales growth for the year in local currency, or high-single digit growth on a reported basis...