GENEVA (Thomson Financial) - Givaudan SA. reported a 27.2 percent rise in
first quarter sales to 1.053 billion Swiss francs, in line with expectations,
driven by strong growth in both its flavour and fragrance divisions.
Analysts surveyed by Thomson Financial News had forecast the speciality
chemicals group's sales to reach 1.055 billion francs on average.
Givaudan said the integration of Quest International is progressing well and
reconfirmed forecasts for cost savings and integration costs, saying it is on
track to generate 200 million francs of synergies and will reach pre-acquisition
margin levels by 2010.
For 2008, it expects to generate 130 million francs of integration
synergies.
In parallel, full year sales are expected to grow in line with the market
when excluding the impact of the previously announced 114 million francs
portfolio streamlining and business divestiture.
andrew.ge.thompson@thomson.com
at/hjp
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