Restructuring weighs on Sensient

Milwaukee-based Sensient Technologies Corp. reported third quarter net earnings of $31.5 million, or 63 cents per share, down from $32.9 million, or 66 cents per share, in the same period a year ago.

The company’s quarterly revenue grew to $372.0 million from $369.4 million a year earlier.

Earlier this year, the company announced that it was initiating a broad and strategic restructuring plan. The plan includes relocating the Flavors & Fragrances Group headquarters from Indianapolis to Chicago, which was completed in the most recent quarter. The plan also included consolidating several operating facilities throughout Europe and North America, and reducing the company’s global headcount. The plan is progressing as scheduled and within the Company’s original cost estimates.

“The company had an outstanding quarter,” said Kenneth Manning, chairman and chief executive officer of Sensient. “We are encouraged by opportunities in both the Color and Flavor businesses, and I am very optimistic about the company’s future.”

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