Question-and-Answer Session
Operator
(Operator Instructions). The first question comes from Mike Sison.
Mike Sison - KeyBanc Capital Markets
Hey, good morning guys.
Ken Manning
Good morning, Mike.
Mike Sison - KeyBanc Capital Markets
Congratulations on another great year.
Ken Manning
Thank you.
Mike Sison - KeyBanc Capital Markets
In terms of your 2009 outlook, the $1.90 to $1.95, could you maybe sort of give us a sense, what you think market demand for Flavors and Colors will be next year. And to some degree, what the sales growth outlook underpins that $1.90 to $1.95?
Ken Manning
Yes. Mike, this is Ken Manning. I am going to make some comments, and then let Dick follow, because I think this is a very good question. If you look at our business in terms of markets, the markets are growing very-very nicely and Dick will give you some numbers in a second.
If you look at the business world in terms of a strengthening dollar and currencies are going one way or the other, we have chosen to be, [capital], with our guidance the $1.90 to a $1.95. We haven't disappointed you folks in several years, and we don't want to now, but we want to be careful.
The actual demand for our products is increasing as people go to maybe less expensive products to attract consumers. This gives us a chance to reformulate that's always a win-win. We can use other ingredients, we generally get a higher margin and the customer gets a product that's more suitable for his customers.
So, reformulation has always been good, we are very-very positive about our markets. I just can't predict to you what the dollar will be in terms of all the currencies that we are dealing, but the markets themselves are great.
Dick, do you want to add something to that?
Dick Hobbs
Thanks Ken. Good morning, Mike. Looking at our overall mix of customers, we have a very strong customer base. And in 2008 the sales to the top 25 customers was up over 8%. As we look ahead, and we look at some of the reports from our customers and from individuals who are selling into our markets, they expect a strong growth as indicated by Mr. Manning.
And as evidenced by own experience in the fourth quarter of 2008, we are looking at our results on a local currency basis. Certainly, particularly if you look at the Flavor business on our local currency basis, we are up nearly 6%. Colors, was up between 2% and 3%, but Asia-Pacific was up in the high teens. So globally, as we look at these markets, we feel that we were having a robust experience. They were coming out of in the fourth quarter and we see that carrying into 2009.
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