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 at its balance sheet press conference, that there were searches at the headquarters in Holzminden in Lower Saxony on Tuesday. The four major fragrance and aroma manufacturers form an oligopoly and together control over 60 percent of the 39 billion euro global market. With a market share of ten percent, Symrise is number three in the industry.
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