ZURICH, Aug 31 (Reuters) - Swiss fragrance and flavour maker Givaudan (GIVN.VX) aims to outperform competitors with 4.5-5.5 percent annual organic growth led by emerging markets.

www.givaudan.com

Givaudan, which makes flavours to improve the taste of chicken and cheese as well as scents for the perfumes of upscale fashion houses Dior and Prada, plans to return more than 60 percent of free cash flow to shareholders once it has reached a leverage ratio of 25 percent, it said on Tuesday.

The company said it planned to meet its new targets, enabling it to outperform competitors and gain market share, by boosting its position in emerging markets which it hoped would constitute 50 percent of sales by 2015.

Givaudan, which competes with German group Symrise (SY1G.DE) and American International Flavors & Fragrances (IFF.N), also said it planned to restructure its savoury manufacturing operations in Britain and Switzerland and build a 170 million Swiss franc ($166 million) production facility in Hungary.

Givaudan will spend around 75 million francs in restructuring costs, of which up to two thirds would fall in 2010 and the rest in 2011, it said.

(Reporting by Catherine Bosley; Editing by Dan Lalor) ($1 = 1.023 Swiss francs)