Givaudan - Strong Q3; natural colours acquisition announced

Davy Research
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Givaudan has delivered another strong update with Q3 like-for-like (LFL) sales growing by 7.4%, modestly ahead of consensus, with growth led by the Taste & Wellbeing division. We would envisage no material change to forecasts. Separately, Givaudan has extended its natural colours footprint with the acquisition of DDW, The Color House. The acquisition places Givaudan at number two globally in the natural colours segment and fits with its sensory ambitions in a CHF3.1bn addressable market.