Germany’s Symrise starts offering IPO shares

27 November 2006 20:37  [Source: ICIS news]

TORONTO (ICIS news)--Symrise, the Germany-based maker of fragrance and flavour chemicals, said on Monday it has begun a road show to market shares of its initial public offering, aiming to raise net receipts of €650m ($855m).

 

Symrise had earnings before interest, tax, depreciation and amortisation (EBITDA) of €192m in the first nine months of 2006, up 34% from the same period last year, on sales of €944m, up 9%, it said.  

 

Symrise describes itself as the world’s fourth largest maker of flavour and fragrance chemicals. It has production sites in 19 countries and employs over 4,800 people. 

 

Symrise was formed in 2002 out of the merger of Dragoco and Bayer’s Haarman & Reimer.

 

Analysts at Citigroup said in a research note last week that Symrise’s 2005 share of the global flavours market was 11%, and in fragrances it was 7%.

 

($1 = €0.76)

By: Stefan Baumgarten
+1 713 525 2653

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