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Symrise AG (OJ:SY1) Corporate news announcement processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- --------------
Symrise has successfully consummated its acquisition of US fragrance manufacturer Manheimer Fragrances on November 6, 2008. In conjunction with the purchase of Intercontinental Fragrances in September, this acquisition makes the company one of the leading fragrance manufacturers on the US air care market.
Completing acquisitions of both US fragrance manufacturers significantly increases Symrise's overall share on the US fragrance market and strengthens the company's position in the air care sector, especially on the scented candles market. Both companies have enjoyed above-average sales growth in recent years and are core-listed at key consumer goods companies in the US.
The anticipated combined consideration for the transactions, which is partially contingent on the attainment of certain milestones, will be c $100 million. In 2008, the acquisitions will add c $10 million dollars to Group sales. After integration costs are taken into account, the Group EBITDA will not be materially impacted this year, but Group earnings will be enhanced in 2009. Integration will be completed in the first half of 2009.
Also in the works is a global air care center, located in the US, where Symrise will bundle all of its research, development, production and worldwide marketing activities for air fresheners.
About Symrise
Symrise is a global supplier of fragrances, flavorings and raw materials and active ingredients for the perfume, cosmetics and food industry.
Its sales of €1.27 billion in 2007 place the company among the top four in the international flavors and fragrances market. Headquartered in Holzminden, Germany, Symrise is represented in more than 30 countries in Europe, Asia, the United States and South America.
With more than 40 first patent applications per year, Symrise is one of the most innovative manufacturers on the market. Used by manufacturers of perfumes, cosmetics and foods, our products are an inseparable part of daily life. At Symrise we combine an awareness of consumer trends with cutting-edge technologies, focusing on innovative fashion and lifestyle products that have additional practical value for the consumer. Symrise - always inspiring more.
WKN: SYM999; ISIN: DE000SYM9999; Index: MDAX, TecDAX; Listed: Amtlicher Markt in Frankfurter Wertpapierbörse, Freiverkehr in Bayerische Börse München, Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr in Börse Berlin, Freiverkehr in Börse Düsseldorf, Freiverkehr in Börse Stuttgart, Prime Standard in Frankfurter Wertpapierbörse;
