This article was originally published in The Rose Sheet
Integration savings stemming from acquisition of Bush Boake Allen reached $10 mil. in second quarter and totaled $50 mil. on annualized basis as of July 1, CEO Richard Goldstein tells analysts July 26. Second quarter net sales up 29.7% to $478.2 mil., but were down 2.6% on pro forma basis, including BBA sales in 2000 period. BBA was acquired by International Flavors & Fragrances in November 2000 (1"The Rose Sheet" Oct. 2, 2000, p. 11). Net income fell 32.5% to $33 mil. in quarter, reflecting an $8.8 mil. pre-tax charge associated with reorganization activities. Total reorganization cost expected to reach $90 mil.-$100 mil. through mid-2002, but will yield annual savings of $25 mil.-$30 mil. by 2003, firm says
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