IFF
This article was originally published in The Rose Sheet
Executive Summary
Expects first quarter sales to be down 2% over the prior-year quarter, International Flavors & Fragrances announced March 24. The anticipated decline is due to the economic situation in Brazil; "weak" aroma chemical demand in North American and Europe as consumers reduce inventory; and pricing pressures on non-proprietary ingredients. IFF also pointed to a strong U.S. dollar and costs associated with Y2K. The supplier is evaluating streamlining its selling, administrative and manufacturing duties to reduce operating costs. Reductions will be made in the first half and are expected to result in non-recurring charges. Earnings growth should resume in the second half of the year, IFF said