The German fragrance manufacturer is suspected of being a cartel.
(Photo: dpa)
Dusseldorf The German fragrance and aroma manufacturer Symrise is suspected of having entered into illegal price agreements with its three major competitors. Both the EU antitrust authorities and the Swiss Competition Commission (Comco) have initiated investigations. In addition to the Dax group, the two Swiss companies Firmenich and Givaudan and the US group International Flavors & Fragrances (IFF) are also affected.
Symrise confirmed on Wednesday when presenting its annual balance sheet that there had been searches at its headquarters in Holzminden, Lower Saxony, the day before. When asked, the other three companies also admitted to being the subject of the investigations.
The four major fragrance and aroma manufacturers form an oligopoly and together control over 60 percent of the 39 billion euro global market. For observers, it therefore does not seem impossible that collusion could have taken place. With a market share of twelve percent, Symrise is number three in the industry.
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