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.
This content was published on
2 minutes
Reuters/Keystone-SDA/sb
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.
Popular Stories
More
Banking & Fintech
UBS releases ‘hundreds’ of staff in fresh wave of job cuts
Should Switzerland take measures to support its struggling industries?
Industrial policies are back in fashion, not only in the United States but also in the EU. Should Switzerland, where various industries are struggling, draw inspiration from such policies?
Switzerland concerned about impact of US withdrawal from WHO
This content was published on
Switzerland has expressed concern about the loss of American experts and the freezing of contracts due to the announced withdrawal of the US from the World Health Organization (WHO).
Rhine Falls is most rated Swiss location on Google Maps
This content was published on
The Rhine Falls in Schaffhausen, northern Switzerland, with more than 75,000 ratings, is the Swiss place most reviewed by Google Maps users.
Asian investors sue Switzerland over Credit Suisse bond losses
This content was published on
More than 500 investors from Singapore, Japan and Hong Kong have launched claims against Switzerland in relation to AT1 bonds.
Man cleared of Geneva diplomat murder but convicted of rape
This content was published on
The Swiss Federal Criminal Court has acquitted an Ivorian-Italian dual national of murdering an Egyptian diplomat in Geneva in 1995.
Switzerland to cut funding for gala cultural events from 2029
This content was published on
Large-scale Swiss cultural events, such as the Locarno Film Festival, will lose state funding from 2029 as part of a cost-cutting drive by the administration.
Ideas to recover ammunition from Swiss lakes flood in
This content was published on
An appeal to the public to suggest ways to safely retrieve 8,000 tons of munitions from the bottom of Swiss lakes has yielded around 100 proposals.
This content was published on
Swiss public television SRF will axe 50 full-time positions by the beginning of next year as it aims to make CHF9 million in savings.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
‘The science of smell is simply amazing’
This content was published on
Biotechnologist Sarah Reisinger wants to use data science to create scents that bring positive emotions to as many people as possible.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.