Givaudan eyes growth in Brazil
This article was originally published in The Rose Sheet
Executive Summary
Swiss flavor and fragrance firm unveiled its five-year plan in Zurich Aug 31, indicating that developing markets will play an increasing role in corporate growth. Givaudan expects Brazil to be largest-value market for fine fragrance by 2014, outpacing the U.S., based on Euromonitor data. Company recently opened a Creative Center in Brazil and plans to expand its creative resources elsewhere in Latin America. Developing markets currently account for 41% of Givaudan's overall sales and are expected to contribute 50% of sales by 2015. Revenue for the first half of 2010 rose 10.5% compared with the prior-year period, driven by sales of consumer products and increased flavors sales in Latin America, Givaudan says. Firm's overall objective is to grow organically between 4.5% and 5.5% annually, based on assumed market growth of 2% to 3%, and to continue our path of market share gain over the next five years," CEO Gilles Andrier states in a company release