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IFF

This article was originally published in The Rose Sheet

Executive Summary

North American fragrance sales declined 1% in 2005, but fine fragrance revenues in the region increased 4%, International Flavors & Fragrances reports Jan. 25. For the year, North American sales declined 4%. IFF worldwide net sales for the year were down 2% on a reported basis to $1.99 bil., negatively impacted by the disposition of the company's European fruit preps business, firm notes. Net earnings also fell 2% to $193.1 mil., but improved 3% excluding restructuring and other charges, according to IFF. In Q4, fragrance net sales in North America declined 1%, while fine fragrances increased 16%. Net sales fell 1% on a reported basis to $461.6 mil., while net income plummeted 63% to $15.2 mil., largely due to charges related to the recent elimination of 300 positions. IFF continues to seek a replacement for CEO Richard Goldstein, whose retirement was announced Jan. 17, firm notes (1"The Rose Sheet" Jan. 23, 2006, In Brief)...
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