FRANKFURT/ZÜRICH (dpa-AFX) - Givaudan's heavy share price losses also dragged down the shares of its German competitor Symrise on Tuesday. As expected, the Swiss flavor and fragrance manufacturer had made strong organic gains in the first half of the year and improved its profitability.

However, after the recent strong price rises, investors took profits and the shares fell by 3.7 percent in Zurich. Symrise was unable to escape this pull and fell by 2.6 percent on the DAX.

UBS also reported that Givaudan had exceeded expectations with its operating result, but had missed them in part with its organic growth.

Overall, the fragrances and cosmetic additives business had developed better than expected, while the Taste & Wellbeing division, which focuses on food additives, had fallen short of expectations, explained analyst Charlie Bentley from investment house Jefferies. Growth in Taste and Wellbeing in the second quarter in North and Latin America had apparently slowed compared to the first quarter of the year./ajx/mis