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Leading global flavours and fragrance company Givaudan’s sales for Asia Pacific increased 10.5% on a like-for-like basis. The developing markets of China, India, Indonesia and Vietnam reported strong double-digit growth. Company published numbers of its performance in the last quarter of fiscal year 2013-14.
Sales in developing markets has increased by 9.8% in the last quarter of 2014. Givaudan recorded sales of CHF 1,087 million, an increase of 5.7% on a like-for-like basis, and a decline of 0.2% in Swiss francs compared to the previous year. Sales in Europe, Africa and the Middle East grew 3.5% on a like-for-like basis.
“Mid-term, the overall objective is to grow organically between 4.5% and 5.5% per annum, assuming a market growth of 2-3%, and to continue on the path of market share gains. By delivering on the company’s five-pillar growth strategy – developing markets, Health and Wellness, market share gains with targeted customers and segments, research and sustainable sourcing – Givaudan expects to outgrow the underlying market and targeting an annual free cash flow of between 14% and 16% of sales in 2015,” Givaudan said in a published statement.
Givaudan’s flavour division has reported sales of CHF 571 million, representing 5.8% growth on a like-for-like basis. Sales increased in the developing markets of Africa, China, Eastern Europe, India and Indonesia as a result of existing business growth and new wins.