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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549
------------
FORM 10-K
|X| ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934 OR
|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934
For the Year Ended December 31, 2001 Commission File Number 1-7626
Sensient Technologies Corporation
WISCONSIN 39-0561070

(State of Incorporation) (IRS Employer Identification Number
777 EAST WISCONSIN AVENUE

MILWAUKEE, WISCONSIN 53202-5304

(414) 271-6755
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
TITLE OF EACH CLASS NAME OF EXCHANGE

------------------- ON WHICH REGISTERED

Common Stock, $.10 par value -------------------

Associated Preferred Share Purchase Rights New York Stock Exchange, Inc.
Indicate by check mark whether the Registrant (1) has filed all reports

required to be filed by Section 13 or 15(d) of the Securities Exchange Act of

1934 during the preceding 12 months (or such shorter period that the Registrant

was required to file such reports), and (2) has been subject to such filing

requirements for at least the past 90 days. Yes |X| No |_|
Indicate by check mark if disclosure of delinquent filers pursuant to

Item 405 of Regulation S-K is not contained herein, and will not be contained,

to the best of Registrant's knowledge, in definitive proxy or information

statements incorporated by reference in Part III of this Form 10-K or any

amendment to this Form 10-K. |X|
There were 47,544,720 shares of Common Stock outstanding as of March 8,

2002. The aggregate market value of the voting Common Stock held by

non-affiliates of the Registrant as of March 8, 2002, was $1,015,861,957. For

purposes of this computation only, the Registrant's directors and executive

officers were considered to be affiliates of the Registrant. Such

characterization shall not be construed to be an admission or determination for

any other purpose that such persons are affiliates of the Registrant.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of: (1) the Company's Annual Report to Shareholders for the

fiscal year ended December 31, 2001 (see Parts I, II and IV of this Form 10-K),

and (2) the Company's Notice of Annual Meeting and Proxy Statement of the

Company dated March 22, 2002 (see Part III of this Form 10-K).

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TABLE OF CONTENTS


PART I



Item 1. Business ................................................................................. 3

General .................................................................................... 3

Description of Business .................................................................... 4

Flavors & Fragrances Group ................................................................. 4

Color Group ................................................................................ 5

Asia Pacific Division ...................................................................... 6

Research and Development/Quality Assurance ................................................. 7

Products and Application Activities ........................................................ 7

Raw Materials .............................................................................. 8

Competition ................................................................................ 8

Foreign Operations ......................................................................... 9

Patents, Formulae and Trademarks ........................................................... 9

Employees .................................................................................. 9

Regulation ................................................................................. 9



Item 2. Properties .............................................................................. 10

Flavors & Fragrances Group ................................................................. 11

Color Group ................................................................................ 11

Asia Pacific ............................................................................... 11



Item 3. Legal Proceedings ....................................................................... 12



Item 4. Submission of Matters to a Vote of Security Holders ..................................... 12

Executive Officers of the Registrant .............................................................. 12



PART II .................................................................................................. 13



Item 5. Market For The Registrant's Common Stock

and Related Stockholder Matters ................................................... 13



Item 6. Selected Financial Data ................................................................. 14



Item 7. Management's Discussion and Analysis of Financial ....................................... 14

Condition and Results of Operations



Item 7A. Quantitative and Qualitative Disclosures About Market Risk ............................... 14



Item 8. Financial Statements and Supplementary Data ............................................. 14



Item 9. Disagreements on Accounting and Financial Disclosure .................................... 14



PART III ................................................................................................. 14



Item 10. Directors and Executive Officers of the Registrant ...................................... 14



Item 11. Executive Compensation .................................................................. 15



Item 12. Security Ownership of Certain Beneficial Owners and Management .......................... 15



Item 13. Certain Relationships and Related Transactions .......................................... 15



PART IV .................................................................................................. 16



Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K ......................... 16

List of Financial Statements and Financial Statement Schedules

Financial Statements ....................................................................... 16

Financial Statement Schedules Form 10-K .................................................... 17

Independent Auditors' Report ...................................................................... 17

Schedule II ....................................................................................... 18

Signatures ........................................................................................S-1

Exhibits ..........................................................................................E-1


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PART I
Item 1. Business
General
Sensient Technologies Corporation (NYSE: SXT), formerly known as

Universal Foods Corporation (the "Company"), was incorporated in 1882 in

Wisconsin. Its principal executive offices are located at 777 East Wisconsin

Avenue, Suite 1100, Milwaukee, Wisconsin 53202-5304, telephone (414) 271-6755.
The Company is a leading global supplier of colors, flavors and

fragrances. The Company uses sophisticated technologies at facilities around the

world to develop unique formulations that bring life to its customers' products.

The Company manufactures ink-jet inks, technical colors, chemicals for laser

printing and flat screen displays, cosmetic and pharmaceutical additives, as

well as colors and flavors for many of the world's best-known foods and

beverages.
The Company has recently completed three acquisitions that have

significantly expanded its worldwide technical colors, dyes and ink-jet ink

businesses as well as one acquisition that has expanded the Company's worldwide

flavors business.
On November 19, 2001, the Company announced the acquisition of

Kimberly-Clark Printing Technology, Inc., now known as Formulabs, Inc.

("Formulabs"), a manufacturer of specialty inks for ink-jet and industrial

applications with annual revenues of approximately $20 million. Formulabs

manufactures and markets wide-format graphic inks, textile inks and other

industrial inks, and has production facilities located in Escondido,

California, Piqua, Ohio, and Tijuana, Mexico.
On December 3, 2001, the Company announced the acquisition of the

industrial dye business of Crompton Colors, Incorporated, with annual revenues

of approximately $40 million. This business, which includes facilities located

in Gibraltar, Pennsylvania, provides the Company with significant new

capabilities in the manufacture and sale of technical dyes and colors for

non-food applications.
On January 10, 2002, the Company announced the acquisition of SynTec

GmbH, a manufacturer of specialty dyes and chemicals based in Wolfen, Germany

with annual revenues of less than $10 million.
On March 25, 2002, the Company announced the acquisition of the flavors

and essential oil operations of C. Melchers GmbH & Company, a supplier of

flavors for coffees and teas, as well as essential oils, aroma chemicals and

other formulations for flavor, cosmetic and fragrance applications. The acquired

businesses, headquartered in Bremen, Germany, reported revenues of

approximately $14 million in 2001.
The Company completed the sale of substantially all of the assets of

its former Red Star Yeast & Products Division on February 23, 2001. The Company

received cash proceeds from this sale of approximately $113 million.
3

Description of Business
The Company is a manufacturer and marketer of high-performance

components that add distinct characteristics and functional advantages to a wide

range of products. The Company's principal products include:
. Flavors, flavor enhancers and bionutrients,
. Fragrances and aroma chemicals,
. Dehydrated vegetables and other food ingredients,
. Natural and synthetic colors,
. Cosmetic and pharmaceutical additives, and
. Ink-jet inks and specialty dyes, pigments and chemicals.
The Company's operations, except for the Asia Pacific Division, are

managed on a products and services basis. The Company's two reportable segments

are the Flavors & Fragrances Group and the Color Group. Financial information

regarding the Company's two reportable segments is incorporated by reference to

the information set forth on pages 33 and 34 of the Company's 2001 Annual Report

to Shareholders under the heading "Segment and Geographic Information."
Flavors & Fragrances Group
The Company is a leading manufacturer and supplier of flavors,

ingredient systems and aroma chemicals to the dairy, food processing, beverage,

personal care and household products industries worldwide. The Company has a

broad, distinctive and fully integrated product offering, ranging from savory

flavor components to fully formulated flavor systems for dairy, beverage, and

processed food applications.
The Flavors & Fragrances Group produces flavor and fragrance products

that impart a desired taste, texture, aroma or other functionality to a broad

range of consumer and other products. This Group includes the Company's

dehydrated vegetable products business, which produces ingredients for food

processors.
The Flavors & Fragrances Group operates principally through the

Company's subsidiaries, Sensient Flavors Inc. (formerly, Universal Flavor

Corporation) and Rogers Foods, Inc. The Group's plants are located in

California, Illinois, Indiana, Michigan, Ohio, Wisconsin, Belgium, Canada,

France, Germany, Italy, Mexico, the Netherlands, Spain and the United Kingdom.
During 1998 the Company integrated its bioproducts business (which was

formerly operated as a separate division known as Red Star BioProducts) into its

Flavors & Fragrances Group. The bioproducts business serves the food, animal

feed processing, and bionutrient industries with a broad line of natural

extracts and specialty flavors. The Company produces various specialty extracts

from yeast, vegetable proteins, meat, milk protein and other natural products

which are used primarily as savory flavor, texture modifiers and enhancers in

processed foods. The nutritional and functional properties of these extracts

also make them useful in enzyme and pharmaceutical production.
4


Strategic acquisitions have expanded the Company's flavors and

fragrances product lines and processing capabilities. In January 1998, the

Company acquired Arancia Ingredientes Especiales, S.A. de C.V., a manufacturer

of savory flavors and other food ingredients, improving access to the rapidly

growing Latin American savory flavor market. In April 1998, the Company acquired

a British savory and seasonings flavor manufacturer, DC Flavours Ltd., which

further expanded the Company's technology and worldwide market presence and also

gave the Company access to the snack food market, the fastest growing segment

in Europe's food market. In May 1998, the acquisition of substantially all of

the assets and business of the beverage business of German flavor manufacturer

Sundi GmbH, with its emphasis on all-natural flavor ingredients, provided the

Company with a point of entry into Germany, Europe's largest flavor market.
During the quarter ended June 30, 2000, the Company integrated its

former Dehydrated Products Division into its Flavors & Fragrances Group. The

Company believes it is the second largest producer of dehydrated onion and

garlic products in the United States. The Company is also one of the largest

producers and distributors of chili powder, paprika, chili pepper and dehydrated

vegetables such as parsley, celery and spinach. Domestically, the Company sells
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