Swiss firms named in global fragrances cartel probe
A researcher working at a Givaudan lab in Zurich.
/ Owentetley
Swiss fragrance and flavour maker Givaudan confirmed on Tuesday that it was being investigated by European Union and Swiss antitrust authorities. The Swiss Competition Commission (COMCO) named Givaudan, Firmenich and two other companies suspected of being involved in the fragrances cartel probe.
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COMCO confirmedExternal link on Wednesday that dawn raids had been conducted at various locations in consultation with the European Commission, the US Department of Justice Antitrust Division and the UK Competition and Markets Authority.
Comco named Givaudan, Firmenich International, International Flavors & Fragrances and Symrise in the fragrances cartel probe.
“There are suspicions that producers have colluded,” Comco said in a statement. “COMCO has indications that several undertakings active in the production of fragrances have violated cartel law. There are suspicions that these undertakings have coordinated their pricing policy, prohibited their competitors from supplying certain customers and limited the production of certain fragrances.”
Global investigation
A spokesperson for Geneva-based Givaudan confirmed to Reuters that the company was part of an industry-wide investigation by European and Swiss authorities. “As a good corporate citizen, Givaudan is fully cooperating with the authorities,” he said.
On Tuesday the European Commission said it had raided several companies and an association in the fragrance sector in some EU countries on concerns of possible collusion in the supply of fragrances and fragrance ingredients.
“The Commission has concerns that companies and an association in the fragrance industry worldwide may have violated EU antitrust rules that prohibit cartels and restrictive business practices,” the EU executive said in a statement.
The EU competition enforcer said it had been in contact with the US Department of Justice and competition agencies in Britain and Switzerland and that the raids were conducted in consultation with them.
The UK Competition and Markets Authority said it had opened an investigation, setting a deadline of early 2024 for analysing and reviewing information gathered from the companies.
Companies face fines as much as 10% of their global turnover for violating EU antitrust rules.
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