date:Jan 16, 2014
necks in western Europe also weighed on growth in the region, though it said these were being addressed.
J. Safra Sarasin analyst Patrick Hasenboehler said the company's volume growth was slightly disappointing and kept a reduce rating on the stock, citing a stretched valuation.
But Vontobel's Jean-Philippe Bertschy said the slower volume growth reflected a drive by management to focus on higher-margin businesses.
Shares in Barry Callebaut, up almost 30 percent since the end of August, trade