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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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International Flavors & Fragrances CEO Richard Goldstein plans to retire from the company following its May 9 Annual Shareholder Meeting, fragrance and flavors supplier announces Jan. 17. An executive search firm has been hired to assist IFF in finding his successor, firm adds. Goldstein, who has served as CEO since 2000, says the company is "positioned to deliver long-term growth and increased value for shareholders" and thus, "the timing is now right to put this succession plan into effect." Goldstein formerly served as president and CEO Unilever U.S. and president of North American foods, and came to IFF during a transitional period in which the firm launched a major streamlining plan to increase earnings (1"The Rose Sheet" May 1, 2000, p. 11). IFF's board of directors notes during his tenure "Dick has overseen key strategic initiatives, including the successful acquisition and integration of Bush Boake Allen, and significant investments in product development and technology, which put IFF in a strong position"...

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