Several macro-economic factors contributed to a challenging business environment for TTH in 2023. These included continued inflation of input costs, volatile foreign exchange rates, exceptionally low vitamin prices, and customer destocking as companies continued trying to manage their inventories and costs.
Segment review, integration and cost prudency
With our market-leading and highly complementary portfolio of taste and ingredients solutions, plus our pioneering science and technologies, we are uniquely positioned to successfully deliver innovative food and beverage products to our customers. We started to review our joint end markets for TTH to prioritize and accelerate the high-growth, higher-margin businesses within TTH.
We continued to focus on our integration efforts by bringing teams together to drive cross-selling and concept selling synergies for top-line growth. At the same time, we built up our innovation pipeline to establish a strong foundation from which to deliver innovation-driven growth and sought to capture the combined benefits of our portfolio of technologies and competences.
We were active in pricing in order to help offset higher input costs. We maintained our focus on maximizing the operational performance of our day-to-day activities. This involved strict prudence when making capex investments, optimizing our operating working capital, and maintaining strict cost controls across the business. At the same time, we focused on seamless service delivery to our customers, on time and in full.
2023 was a very special year. Two complementary food and beverage companies came together to bring new, sustainable, integrated solutions to market faster – helping our customers shorten their time-to-market and become more competitive. We focused on our integration and reported our first joint commercial successes.
