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Business

Symrise goes public

December 4, 2006 | A version of this story appeared in Volume 84, Issue 49

Hot on the heels of ICI's sale of its Quest flavors and fragrances arm to Givaudan, the privately held flavors and fragrances maker Symrise is being launched on the German stock market in an initial public offering. Symrise was formed in 2002 when private equity firm EQT acquired and then merged two German companies, family-owned Dragoco and Bayer's Haarmann & Reimer subsidiary. Symrise executives have embarked on a road show to introduce themselves to the financial community as a prelude to this week's IPO, expected to raise roughly $1.7 billion. That would top the $1.6 billion IPO of Wacker Chemie in April as the largest such launch on the German stock exchange this year. In 2005, Symrise rang up sales of just under $1.5 billion; on the basis of results through the third quarter of this year, its 2006 sales should top $1.6 billion. Some 53% of the company's sales are in fragrances and cosmetic ingredients, and 47% are in flavors and nutrition. With its acquisition of third-largest producer Quest, Givaudan leapfrogged its archrival International Flavors & Fragrances into the top spot in flavors and fragrances; Symrise has been in fourth place and now is the third-largest supplier worldwide.

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