ZURICH (Thomson Financial) - Givaudan AG's business outlook has improved
over the last few months with the integration of Quest running ahead of
schedule, chief executive officer Gilles Andrier said in an interview with
Thomson Financial News partner AWP.
"We have become somewhat more confident," Andrier said.
In August, Givaudan still expected a flat to slightly lower sales in 2008,
while the fresh guidance sees sales growing in-line with the market.
Andrier said that the integration of Quest -- which Givaudan bought in a 1.2
bln stg deal in March -- was going better-than-expected allowing the group to
focus more on growth.
He also reiterated that integration costs of 440 mln sfr will not be
exceeded, saying larger-than-forecast spending in 2007 came as the result of the
fast progress.
Givaudan booked some 208 mln sfr for integration costs in 2007 after
previously forecasting costs of 176 mln.
With the focus on integration efforts, Givaudan plans no significant
acquisitions in 2008, Andrier said.
Andrier also showed himself unconcerned over the expected slowdown in the US.
"There are no correlations between consumer spending and our business," he
said adding that the group is "relatively immune against a recession in the US."
johanna.treeck@thomson.com
jmt/jlc
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