IFF
#Yes.
No.
Actually if you look at the two acquisitions ---+ quite a different approach.
On the active cosmetic ingredients we were looking at an adjacent business to our Fragrance business.
And we entered into this business because we believe that we have great top line synergies here in terms of the customer coverage.
And we are playing in the premium segment of that market, which gives us an extra profitability and certainly a good growth as well.
So that's important to understand.
That was the reason why we ventured into that business.
On the Flavors side, different approach because as we said and probably many of our competitors are telling you as well, is that you see some of the smaller, mid-size companies with higher growth rates.
And we needed kind of a differentiated service model for that kind of part of the market as well.
And that was the reason that we acquired Ottens to use as a platform in that segment because this way usually customers ---+ we were not reaching out at much as we would like to have it.
And now we have the platform, we're filling the platform and we are pretty happy with it.
<UNK>, it's actually more a matter of time because you really have to work through these ---+ the pipeline.
You have to figure out what are the ---+ what is the real value of these assets and do they make sense from a strategic point of view.
So we are certainly not, let's say, under pressure here to do it.
We're really taking our time to look at these assets and then make the call if the time is ready to do it.
I actually believe, in particular, in the emerging markets it's temporary because in the mid and long term you will see still, let's say, a very significant population growth and people are trending towards middle class, lower middle class.
And these are all potential customers for our products.
If you look at the numbers, for example Africa, Middle East is an area which is expanding double-digit for us.
And you will see a doubling of the population in Africa until 2050.
So it will happen.
We always see these kind of spikes or [lambadas] going forward.
And I'm actually very optimistic in the long range that these will stay good growth areas for us.
And the good thing within IFF is, as you might know, is that we have 50% of our business in the emerging markets and 50% in the mature markets.
And so that will help us when we see these markets returning to good growth.
Whether we will see like in China, again, double-digit growth over years, I doubt it.
But even if you see, let's say, 6% or 7% growth, I think it's still a pretty significant one.
<UNK>.
<UNK>, we don't have the specificity at this point.
This is <UNK>.
I can follow up with you offline.
It will be significantly higher because that's probably where the most concentrated effort would have been in terms of the differential in reporting differences with respect to pricing related to FX.
Thanks.
Thank you very much for all your questions and have a great day.
Thank you.
Bye-bye.
