In the first nine months of 2011, the Flavour Division of Givaudan recorded sales of CHF 1,576 million, an increase of 5% in local currencies and a decline of 9.6% in Swiss francs.
All regions posted gains as a result of new wins and growth of the existing portfolio as Beverage, Dairy, Savoury and Snack segments continued to expand globally.
The growth was especially strong in the developing markets with an improving momentum in the third quarter.
Sales in Asia Pacific increased 10.7% in local currencies. Growth was mainly driven by the developing markets of China and India as well as a good performance in Japan. Existing business and new wins helped all segments to advance versus last year with exceptional double-digit growth from Beverages, Dairy and Snacks.
Sales across Europe, Africa and the Middle East posted a 4.4% growth rate in local currencies for both the developing and mature markets. The developing markets continued to report solid gains, mostly in the Middle East and Eastern Europe. The mature markets of Western Europe, in particular Germany, UK and Spain, realised gains stemming from new wins and growth of the existing business. Overall, Snack and Savoury growth contributed to increases across the region.
North America realised an increase of 0.9% in local currencies against high comparables. Existing business and new wins in Beverages, Savoury and Snack helped drive this growth. In addition, the strategic Food Service pillar had a good performance.
Sales in Latin America increased 3.7% in local currencies supported by a double-digit growth in the third quarter. New wins and existing business enabled good growth in both the Snacks and Sweet Goods segments.