Swiss antitrust agency names four firms in fragrances cartel probe

They are Switzerland's Givaudan SA (GIVN.S), US-headquartered Firmenich International, US-based International Flavors & Fragrances Inc (IFF.N) and Germany's Symrise AG (SY1G.DE), Swiss competition commission COMCO said.

News of the probe into the supply of fragrances and fragrance ingredients broke on Tuesday, when fragrance and flavor maker Givaudan confirmed it was being targeted.

COMCO said several raids were carried out in conjunction with the European Commission, the US Department of Justice Antitrust Division and the UK Competition and Markets Authority.

The UK watchdog on Tuesday set a deadline of early 2024 for analyzing and reviewing information gathered from the companies.

They face fines of as much as 10% of their global turnover if shown to have violated EU antitrust rules.

A Symrise spokesperson confirmed the group was part of the investigation and would cooperate with authorities.

Shares in Symrise, which on Wednesday reported a 13% rise in 2022 core profit (EBITDA), were seen down 1.6% in Lang & Schwarz premarket indications.

A spokesperson at the European headquarters of International Flavors & Fragrances Inc did not immediately respond to an emailed request for comment.