Symrise Merger Completed
[July 9, 2003]
Symrise GmbH & Co. AG (Holzminden, Germany) has announced that as of May 23 the company has legally completed its merger. The new entity has reported that — using combined 2002 Haarmann & Reimer and Dragoco results of 1,247 million euros — 51 percent of sales come from Europe, Africa and the Middle East; 23 percent are derived from North America; 19 percent come from South America; and 7 percent come from Asia Pacific. Investments: Symrise devoted 7.8 percent of 2002 sales to R&D, a division in which 15 percent of all employees work. With expected growth in sales and yield in 2003 (particularly in cosmetics, flavors and fragrances), the company expects to invest 40 to 50 million euros into such projects as a US musk plant, a Chinese facility, a fragrance blending plant in Holzminden and environmental projects. Consolidation: Symrise, through several consolidation projects, expects to save 70 million euros annually. Subsidiaries are being merged, with an anticipated 10 of 35 global subsidiaries being shuttered by the close of 2004. By the end of 2005, Symrise will cut 15 percent of staff to 5,208.
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