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Symrise (Holzminden, Germany) has increased prices (in some areas by up to 10% and more) for products within its scent and care division. The increase is a result of unprecedented increases in the costs of energy, transportation and raw materials. As a result of the price increases, Symrise’s shares declined on July 8 as much as 62 cents, or 4.8%, to €12.40, the lowest since December 11, 2006.
Of the price increases, Symrise CEO Gerold Linzbach said, “The scent and care division has been particularly hit by the increases in petrochemical raw materials, energy and transportation. We have been able to compensate some of it through efficiency improvements, and the dollar rate helped to a certain extent. But as the trajectory shows no sign of changing, we now have to pass some of the increases on to the market.”