Management reshuffle for Givaudan as growth slows

Management reshuffle for Givaudan as growth slows

Fragrance and flavors company Givaudan has reported a third quarter like-for-like sales growth of 3.1 percent, a slower pace than the start of the year.

The Swiss-based company has also reported that Chairman Dr Jürg Witmer and Chief Financial Officer Matthias Währen will step down from their positions in 2017.

For the first nine months to Givaudan recorded sales of CHF 3,518 million, an increase of 5.1 percent on a like-for-like basis, while fragrance sales reached CHF 1,699 million for the first nine months, a 7.5 percent like for like growth. Fine fragrance saw strong growth in North America, Latin America and the Middle East, resulting in a boost of 9 percent like for like.

The consumer products arm rose 8 percent like for like, personal and oral care also attributed to the growth.

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