Our passion for inspiring moments of happiness through smell and taste drove our talent for creating success in the different areas of our business. The acquisition of the Flavor Division of Danish ingredients company, Danisco, will reinforce our position in the global flavors market, as well as in natural ingredients for the fragrance and flavor industry. This move reflects Firmenich's long-term strategy of industry-leading organic growth and targeted acquisitions to complement our product portfolio.

Both our commercial divisions continued to increase their market share. Our Perfumery Division’s excellent results further positioned us as the world's fastest-growing fragrance house for another year.

The success of Fragrance and Flavor creation also calls for a scientific understanding of smell and taste preferences to adapt products to global and local markets around the world. Consequently, in August 2006, we opened a new R&D center in China's burgeoning Shanghai, which will contribute to the discovery of new ingredients for our perfumers and flavorists, and to our understanding of Asian consumer preferences.

Read more about our Results in our 2007 Annual Report.