Symrise

Line

  • Heinz -Jürgen Bertram, CEO
  • Thomas Rabe, Chairman

Symrise AG, headquartered in wood Minden is a listed supplier of fragrances, flavorings and ingredients for cosmetics and foods. With a turnover of 1.735 billion euros and a net profit of 157.5 million euros in 2012, the company is one of the world's four largest in the industry. In Lower Saxony's largest corporations Symrise occupied in 2012 to 14th place The shares are listed on the MDAX stock index as well as in Lower Saxony NISAX20 since March 2007.

The company is represented in more than 35 countries and employed at 31 December 2012 world 5,669 employees, including 2,351 in Germany (of these, about 2,100 at its headquarters in Minden wood ). Symrise was created in 2003 by the merger of Dragoco Gerberding & Co. AG and Haarmann & Reimer GmbH.

After Givaudan ( Switzerland ), Firmenich ( Switzerland ) and International Flavors & Fragrances ( USA) is Symrise with a share of about 10 per cent in fourth place in the global market for flavors and fragrances.

  • 3.1 Symrise Holding
  • 3.2 Symrise AG
  • 3.3 Major restructuring from 2004 to 2006
  • 3.4 Acquisitions from 2007
  • 3.5 Development from 2007 to today
  • 6.1 subsidiaries 6.1.1 Former subsidiaries
  • 7.1 IPO

Divisions

The company is divided into two divisions: Flavor & Nutrition and Scent & Care Flavor & Nutrition division develops, manufactures and markets flavors and functional ingredients that are found in foods, beverages and health products their use. This includes culinary products and snacks, sweets and desserts, dairy products and ice cream, beverages and dietary supplements. Scent & Care division develops, manufactures and distributes fragrances, cosmetic ingredients, aroma molecules and Mint flavors. They are used in the manufacture of perfumes, body care and cosmetic products, cleaning products and detergents, room fragrances and oral care products.

Line

  • Heinz -Jürgen Bertram, 1 July 2009 Chief Executive Officer (CEO)
  • Bernd Hirsch, Member of the Management Board and Group CFO
  • Hans Holger Gliewe, Member of the Board for the business Flavour & Nutrition
  • Achim Daub, since November 2005 Member of the Board for the Scent & Care

Shareholder

As of November 2013 ( all shareholders except the Gerberding asset management are the free float attributed )

History

Symrise Holding

The company was formally established on 5 March 2002 under the name of ISIS Asset Management GmbH, based in Munich. Due to a shareholders' resolution dated 27 September 2002, the seat of the ISIS investment capabilities was moved to Minden wood and on 20 December 2002 in the commercial register of the local court Alfeld (Leine) under HRB 101122. Due to a shareholders' resolution dated 14 December 2003, the name of the company was changed to Symrise Holding GmbH and in the commercial register of the local court of Hildesheim ( HRB 110856 ) registered. The EQT III Fund of the Swedish financial investor EQT has acquired the majority of shares of ISIS Asset Management GmbH and beside Horst- Otto Gerberding ( majority shareholder of Dragoco ) and the Braunschweig GmbH ( majority-owned by Nord / LB ) involved in the ISIS Asset Management.

The company then acquired all the shares in founded in 1919 Dragoco Gerberding & Co. Ltd., whose majority were in family-owned and formed the Haarmann & Reimer group. Haarmann & Reimer (H & R) was founded in 1875 and was from 1953 until its sale in 2002 to EQT, a subsidiary of Bayer AG. More particularly situated abroad parts of Haarmann & Reimer group were acquired in subsequent years. Following the acquisition of Dragoco group and the essential part of Haarmann & Reimer group ISIS investment capabilities GmbH began to combine the two organizational groups.

On 20 February 2003, the two companies based in Wood Minden Dragoco merged (now the work Solling ) and Haarmann & Reimer (H & R, now the work Weser). From this merger, the new company by the name resulted Symrise GmbH & Co. KG, a subsidiary of Symrise Holding GmbH and legal predecessor from November 2006 was forming Symrise AG. The merger of the two companies was also captured in the logo of Symrise, in which the dragon ( Dragoco AG) find themselves and the hummingbird (H & R). From the fifth largest ( Haarmann & Reimer ) and the eighth-largest provider in the industry ( Dragoco ) was Symrise is the fourth largest.

Main shareholder of Symrise were after the merger with about 76 percent EQT and with 18 percent of the former majority shareholder of Dragoco, Horst- Otto Gerberding. From February 2003 to September 2003 was initially Horst- Otto Gerberding director of the company. From September 2003 to February 2005, James D. Forman line. In summer 2004, the Executive Board also planned extensive relocation of production to low-wage countries considered. It was only on 16 November 2004, the Board waiving a shift of production to Poland or Slovakia known after it had been agreed with the works council, an increase of working hours on a 40-hour week and a waiver of wage increases for 2005 and 2006. At the staff meeting and the Lower Saxony Minister President Christian Wulff, the interior minister and former mayor of wood Minden Uwe Schünemann, a native of County Environment Minister Hans -Heinrich Sander and Economics Minister Walter Hirche participated. Wulff described the retention of jobs in Minden wood as one of the largest local employer, a joint effort and a " model for Germany " to avert a " nightmare scenario " of a production shift.

In February 2005, Gerold Linz Bach took over the management of the company. 2005, two production facilities in Skokie, Illinois, United States and in Grasse, France were closed. In May 2006, the two divisions were Fragrances ( perfumes ) and Sensory Ingredients (formerly Cosmetic Ingredients and Aroma Chemicals) summarized the new Scent & Care division. Thus, there are now in terms of turnover at Symrise two equal divisions ( Scent & Care and Flavors ).

In March 2005, founded in 1998, British flavor manufacturer Flavours Direct Ltd., Corby, was acquired for € 9.7 million and in January 2006 for 7.1 million euros the Kaden Biochemicals, Hamburg, a provider of highly pure plant extracts.

The service area of ​​technology and the environment ( engineering, maintenance, safety, the environment, energy, infrastructure) under the technical director Norbert Kalkert was spun with 213 employees into a separate company. This company, run as a wholly-owned subsidiary, was named TESIUM.

The internal logistics with 126 employees, was spun off " Symotion " under the director Wolfgang Ast June 1, 2006 in a subsidiary with the name.

Symrise AG

On 20 October 2006, the Company Assembly decided change the legal form of Symrise Holding GmbH in the Symrise AG and found their ursprungliche statutes. The change of form was entered in the commercial register of the local court of Hildesheim ( HRB 200436 ) on 8 November 2006.

In late November 2006, the IPO of Symrise for December 11, 2006 was announced. Symrise GmbH & Co. KG was a subsidiary of Symrise AG. On 11 December 2006 the Symrise stock was trading at the Frankfurt Stock Exchange for the first time at the official market (Prime Standard) and scored on the first trading a stock prelude with an issue price of 17.25 €. 52.04 percent of the shares after the IPO kept EQT, 26.02 percent diverse international co-investors ( including 8.40 percent of the HRD Luxembourg) and 18.32 percent Gerberding Asset Management GmbH & Co. KG with the share holder Horst- Otto Gerberding and 2.10 percent of the Braunschweig GmbH, a subsidiary of Norddeutsche Landesbank ( Nord / LB). Symrise had in December 2006, a market capitalization of 1.398 billion euros and thus was the largest IPO of the year 2006 in Germany and generated approximately 652 million euros gross.

Significant restructuring from 2004 to 2006

Under the CEO James D. Forman also shifting production to low-wage countries have been considered in the summer of 2004. It was only on 16 November 2004, the Board waiving a shift of production to Poland or Slovakia known after it had been agreed with the works council, an increase of working hours on a 40-hour week and a waiver of wage increases for 2005 and 2006. At the staff meeting and the Lower Saxony Minister President Christian Wulff, the interior minister and former mayor of wood Minden Uwe Schünemann, a native of County Environment Minister Hans -Heinrich Sander and Economics Minister Walter Hirche participated. Wulff described the retention of jobs in Minden wood as a community service and a " model for Germany " to avert a " nightmare scenario " of a production shift. In 2005, the plants were in Skokie, Illinois, United States of Symrise Symrise Inc. and the SA closed in Grasse, France.

As of June 2005, the division was reorganized Fragrances. The perfume department in Hamburg was dissolved and the there until 2002 been moved by the Dragoco creative center for household perfumery got back to his seat in wood Minden. Worldwide lost by these restructuring measures about 100 jobs. There also the two divisions Cosmetic Ingredients and Aroma Chemicals were grouped under Sensory Ingredients and thus constitute 20 percent of sales of Symrise. 48 percent of sales generated Symrise in 2004 with the area flavors ( flavors ) and 33 percent with the area Fragrances ( perfumes ). In December 2005, Symrise reported an expansion of the site in Nördlingen Anton- Jaumann - industrial park. The location of the company in Nördlingen is specialized in the development and production of flavorings and raw materials for the beverage industry.

The computer science ( information system ) with the world's approximately 100 employees and a budget of 20 million euros was sold on 1 February 2006 to the French IT services provider Atos Origin. The Atos Origin GmbH received contracts until 2016, and Symrise pays the computer science enterprise -annually about 11 to 12 million euros plus up to 5 million euro for annual incurred projects, as well as 2 million euros for additionally required annually hardware and software equipment. While no jobs are directly threatened by outsourcing the areas of technology and environmental and computer science, in the logistics sector is expected to be job losses. Of the restructuring measures approximately 400 employees were affected in spring 2006.

Acquisitions from 2007

  • Division " Food Ingredients " by Unilever in the UK (2007)
  • Aromatics SAS, Paris, a French supplier of natural raw materials such as vanilla, cocoa and coffee. 2006 Symrise held 40 percent and took over in September 2007, the Company fully
  • Flavours of Hansen (2008)
  • Steng, an English flavors providers ( 2008)
  • Manheimer Fragrances and Intercontinental Fragrances in the Air Care segment ( 2009)
  • Futura Labs, supplier of flavors and fragrances in Egypt and the United Arab Emirates ( 2009)
  • Trilogy Fragrances, a fragrance producer from the USA, which specializes in the development of natural ingredients ( 2012)
  • Global fragrance business of North American Belmay Group, a developer and manufacturer of perfume oils ( 2012)

Development from 2007 to today

  • At a press conference on 29 March 2007 declared the then Chief Financial Officer (CFO ), Rainer Klaus Grimm, the target for 2007 was to achieve profitability and a positive net result. In fiscal 2006, a net loss of EUR 89.8 million was reported.
  • In May 2007, EQT disposed of its shares in Symrise. Thus, the share increased in the free float to 92.5 %.
  • The IG BCE announced on 6 June 2007 known to sue the Symrise AG on compliance of collective agreements. This presentation focused on the annual performance bonus ( Christmas bonus ), which was agreed in February 2007 or by internal tariff.
  • On September 14, 2007, Symrise confirmed the acquisition of the corporate division of Unilever Food Ingredients in Burton- upon- Trent, United Kingdom, which produces flavorings for chilled ready meals and a variety of snack items. Future production of this division are Eye ( Suffolk ) ( to March 2007 in the possession of Steng Ltd. ) And Corby, United Kingdom.
  • In April 2008, Symrise acquired the area Arome ( Dairy Flavors, Savory Flavors, Sweet Flavors and Seasonings ) of the Danish supplier Chr Hansen with an estimated turnover of U.S. $ 70m for 2007.
  • On June 18, 2008, Symrise opened a creative center for the Asia market of Scent & Care division for 51 employees in Shanghai
  • On September 26, 2008, Symrise has announced the acquisition of U.S. home fragrance manufacturer Manheimer. The company was founded in Teterboro, New Jersey in 1984 and was acquired by Kerry Ingredients & Flavours 2004. 2007, sales amounted to 40 million U.S. dollars. Beginning of September 2008, Symrise acquired also in the United States founded in 1975, the perfume and scented candles manufacturer Intercontinental Fragrances in Houston, Texas for a total of about 100 million U.S. dollars.
  • On November 10, 2008, there was the factory Solling to a malfunction. The nitric acid used for cleaning of pipelines reacted in the field of flavors hall chemically developed and nitrous gases and had to be sprayed by the fire fighters. More than 55 people have been admitted as a precaution in the surrounding hospitals.
  • The CEO Gerold Linz Bach was on 16 December 2008 known not to extend personal reasons his expiring on 22 October 2009 contract.
  • The Supervisory Board has appointed Hans Holger Gliewe with immediate effect (5 November 2009) to the Executive Board for the Flavor & Nutrition division. He will take over this function to Heinz -Jürgen Bertram, which is 2009 Chairman of the Board of Symrise since July 1, and the business has since provisionally passes in one.
  • Together with the Mining, Chemical and Energy Symrise has supplemented the existing contract from 2009 in February 2011 and extended a site agreement for two years. So that the current jobs are guaranteed until 2016 and in addition to be included in the German locations of 120 million euros. From 1 August 2011, the maturities of the Symrise collective wage agreement was with the IG BCE agreed to be adapted to future chemical collective agreements, taking into account a discount of 0.9 percent.
  • February 2012: With two new acquisitions and a strategic partnership, Symrise continues to focus on emerging and fast-growing market segments: The company acquires the Brazilian operations of the fragrance manufacturer Belmay, which are located at the new location in Brazil. With the acquisition of Trilogy Fragrances ( Lakewood, USA) Symrise expands its position in the natural fragrances. Through a strategic partnership with Indevex Biotech ( Storebro, Sweden) Symrise strengthens its founded in 2009, the Consumer Health Division.
  • August 2012: Symrise opened a new center of excellence in São Paulo, Brazil ( total investment 12 million euros ).
  • December 2012: Symrise signed a joint research and development agreement with the Swedish biotechnology company Probi AB, a leading manufacturer of probiotic cultures for beverages, dairy products and dietary supplements.

Research and Development

Focus of research and development substances and technologies that are designed to provide the end user a qualitative or functional value, for example, flavors, allowing a reduction of the salt, fat or sugar content, or perfume oils with a cooling effect on the skin. Symrise specifies to log more than 40 patents per year. The research departments of perfumery has settled at its headquarters in Minden and wood in Teterboro (New Jersey / USA) Symrise.

Criticism

Stiftung Warentest

In November 2013 it was announced that the Stiftung Warentest in chocolate manufacturer Ritter Sport criticized the declaration of the supplied by Symrise aroma substance piperonal in the list of ingredients as natural flavoring as misleading as this can be produced in industrial quantities only chemically. A direct indication of the manufacturing method was performed. Symrise, however, guaranteed the manufacturer that only flavors " exclusively of natural origin " be delivered and explained that European flavors regulation is adhered to. The competent court followed this assessment in January 2014 and forbade the Stiftung Warentest otherwise assertions. The judgment is not yet final. In a press release Symrise welcomed the court ruling and insists on the supernatural origin of the flavor used in the chocolate.

Diacetyl lawsuits

In July 2004, a lawsuit against the Symrise Inc. and a number of other butter flavor manufacturer was brought before a U.S. court in Iowa. It was about compensation claims for respiratory diseases due to inhalation of diacetyl, which was used in the production of popcorn. The plaintiff employees have a food manufacturer and distributors, constituted the Symrise products in food processing. After further complaints due to the disease now known as "Popcorn Workers Lung ", the U.S. Congress gave 2007 a ​​draft legislation to set mandatory limits for the Diacetylbelastung workplace. The manufacturer of artificial butter flavor had by this time already more than 100 million U.S. dollars compensation to sick employees pay.

Subsidiaries and investments

Subsidiaries

For consolidated group of Symrise includes some 100 per cent subsidiary in Germany:

  • Drinkstar GmbH, which is in the field of non-alcoholic beverages with brands such as TriTop, Frucade, Gröbi or deit active.
  • The TESIUM GmbH, founded by spin-off Divisional Technology, Safety and Environment on 1 July 2006, specializes in the design, management and process improvement of production.
  • The Symotion GmbH, also founded by a spin-off on 1 July 2006 has been working as a national logistics service provider.
  • Kaden Biochemicals specialized, inter alia, to products for nutritional supplements and products for the pharmaceutical industry (integrated in the Flavor & Nutrition division).

All subsidiaries can be found in the Annual Report.

Former subsidiaries

Investments

  • 30.03 % Probi AB, Lund (Sweden)
Types of business entity Aktiengesellschaft International Securities Identification Number Holzminden Profit (economics) Prudential plc Sun Life Financial List of company registers EQT Partners Hans-Heinrich Sander Wilhelm Haarmann Nitrogen oxide Handelsblatt Aareal Bank Airbus Group Aurubis Brenntag Celesio Deutsche EuroShop ElringKlinger Fielmann Fuchs Petrolub Gagfah Gerresheimer Hugo Boss Rational AG Salzgitter AG SGL Carbon Wincor Nixdorf
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