ハーマン・アンド・ライマー（Haarmann & Reimer：Ｈ＆Ｒ）とドラゴコ（Dragoco）が合併して発足したシムライズ（Symrise）はアジア地域における生産体制を再構築する。中国における生産機能をＨ＆Ｒが建設した新工場に統合する一方、インドではドラゴコの新工場に機能を集約する。アジア太平洋地域の本部機能を置くシンガポールではＨ＆Ｒの生産や技術拠点がフレグランス（香粧品香料）の中核施設になり、ドラゴコがフレーバー（食品香料）の拠点として事業を展開する。
Dragoco and Haarmann & Reimer to become Symrise
Moving up with a new name to number among the front-runners:
The two Holzminden-based fragrance and flavor producers Dragoco and H&R now have a new name: From this day onward, the future belongs to “Symrise”ー because in the future, this global player will be doing business under this new name throughout the world, thus advancing to number among the front-runners in the industry in terms of sales as well. The company now accounts for around 11 percent of total market volume.
Swedish financial investor EQT Northern Europe Private Equity Funds (EQT) acquired Haarmann & Reimer and a minority interest in Dragoco in July 2002 with the objective of merging the two companies. EQT holds a majority stake in the new company, Symrise Chief Executive Officer Horst-Otto Gerberding holds 22 percent and Nord/LB two percent.
The company’s headquarters will remain in Holzminden. In 2002, both companies generated sales of some Euro1.24 billion. This represents a 3.2-percent rise in sales year on year in local currencies. Expressed in the reporting currency (euros), sales were up moderately from the previous year. This sales growth was generated, in particular, in the flavor segment, where sales rose by 6.2 percent, as well as by the regions of Europe (+ 6.1 percent) and South America (+ 7.5 percent). The fragrances and aroma chemicals/cosmetics segments also posted higher sales growth year on year. Symrise employs a total of some 5,800 people worldwide, including 2,800 in Germany. The company is represented with subsidiaries on all five continents.
Symrise CEO Horst-Otto Gerberding had this to say about the new company’s market presence: “The name Symrise not only stands for a successful symbiosis of two tradition-steeped companies, for new vitality and a new beginning. Symrise also stands for a new and creative corporate entity that we will be establishing as a distinct brand in its own right, and naturally for collaboration with our customers in a spirit of partnership. Our combined core competencies and our joint expertise serve as the guarantee that Symrise will successfully position itself in the global market.”
Integration process largely concluded
Within the framework of the merger, 950 jobs will be eliminated worldwide by 2005. Elements of H&R's fragrance operations, along with the 'sunscreen' cosmetics segment, will be relocated from Holzminden to the existing Creative Center in Hamburg.
Stipulation of the future locations has been all but concluded. In many countries locations will be consolidated. This will reduce the number of locations from 35 today to 25.
'creating brands. supporting brands.' - Symrise's brand philosophy reflects its core competence
The 'Symrise' name will go hand in hand with a brand new image and logo that impressively link the former symbols of Dragoco and Haarmann & Reimer, the dragon and the hummingbird, and unites them to form an harmonious single entity. The accompanying claim, 'creating brands. supporting brands,' focuses squarely on what the Symrise corporate philosophy is striving for in developing and supporting product brands.
Outlook: Expanding and sustaining worldwide market position
Symrise intends to further expand its worldwide position in the fragrance and flavor industry. Key growth factors include the company's complementary product portfolio, numerous product innovations, as well as increased R&D activities. For the current year 2003, corporate management anticipates sales growth that will outpace the market, along with a disproportionate rise in earnings, with strong growth impetus continuing to come from the aspiring markets in Asia, South America and Eastern Europe.
EQT acquires flavors and
fragrances manufacturer Haaman & Reimer from Bayer--
Through merger with competitor Dragoco Company joins ranks of top industry players
EQT Northern Europe Private Equity Funds (EQT) have signed an agreement with Bayer to acquire the world's fifth largest manufacturer of flavors and fragrances, Haarmann & Reimer. EQT will, at the same time, acquire shares in the competitor Dragoco and the two Holzminden-based manufacturers of flavors and fragrances, Haarmann & Reimer and Dragoco, will subsequently be merged into a new company, operating under a new name.
EQT will have a controlling stake of 76% in the new company. In addition, Dragoco CEO Horst-Otto Gerberding will hold a 22% stake and NordLB a 2% stake. The merger is subject to approval by the cartel authorities.
The merger will create a company with sales of EUR 1.245 billion, which will join the ranks of the top industry players. The CEO of Dragoco, Horst-Otto Gerberding, will head the new company. Lambert Courth, President and CEO of Haarmann & Reimer, will return to Bayer after the conclusion of the transaction in order to assume new responsibilities there. The merged company will have 5800 employees at some 30 production facilities around the world. The headquarter will remain in Holzminden.
Both Haarmann & Reimer and Dragoco are successful global players in the areas of fragrances and flavor compositions, aroma chemicals and cosmetic ingredients. The new company will have a market share of approximately 11% of the EUR 11 billion global market. The merged company will seek to considerably expand its global position. The broadened product portfolio and strengthened R&D resources are among the most important growth factors.
EQT is acting as a catalyst in this process to support the growth strategies of two competitors.
"The merger will bring together complementary structures and resources in a new company that will combine Haarmann & Reimer's high technological standards and proven strengths in the field of R&D with the creativity and innovativeness of Dragoco. As a result, the new company will be in a better position with large customers in the food, perfume and cosmetic sectors," emphasized Horst-Otto Gerberding, CEO of Dragoco.
"EQT is proud to be the catalyst in the merger of these two successful companies. Both Haarmann & Reimer and Dragoco have had growth rates above industry average over the past years and EQT looks forward to support a continuous growth path for the new company." says Udo Philipp, partner at EQT Partners, the investment adviser to the EQT Funds.
The H&R Group (www.haarmann-reimer.com) is a global player in the sector with companies on all five continents and a total of 3,800 employees. In 2001, the H&R Group reported sales of EUR 872 million.
The Dragoco Group (www.dragoco.com) is a global company with more than 2,000 employees. Sales 2001 were EUR 372 million.
EQT (www.eqt.se) is a group of private equity funds with equity commitments exceeding EUR 3 billion and is sponsored by Investor AB, the publicly listed holding company of the Wallenberg group. EQT Partners, acting as investment advisor to all EQT funds, has offices in Stockholm, Copenhagen, Helsinki and Munich. The business concept of EQT is realised by acquiring and developing high-quality medium sized companies in Northern Europe. EQT serves as an active owner and works in close co-operation with the management of the companies it acquires, to develop and implement value-enhancing strategies.
1874 Following the first synthesis of vanillin from coniferin by Ferdinand Tiemann and Wilhelm Haarmann, industrial-scale production of vanillin begins in Holzminden. This makes H&R the world's very first factory to produce a synthetic aroma chemical. 1893 The first patent application in the field of violet aroma chemicals 1954 Acquisition by Leverkusen-based Bayer AG. 1973 The world's first fully synthetic production of l-menthol on an industrial scale at H&R 1990 Acquisition of Creations Aromatiques 1992 Acquisition of PFW's fragrance business 1995 Acquisition of Florasynth
DRAGOCO is one of the leading international suppliers of perfume compositions, aroma chemicals, cosmetic raw materials and active ingredients, and flavors.
The family business that was founded in 1919 is internationally active with 24 subsidiaries and about 2,000 employees. We serve international clients on all five continents. In our four regional headquarters and our Competence Centers for Fragrances and Cosmetics in Europe, the US, Asia, and South America, we have concentrated all of the know-how of our corporate group; we want to be our customers' most valued partner. Our innovative research, our exceptional creativity, our sure sense for the market trends, our modern technology, and cooperative partnerships combine to let us fulfill the highest standards in a global market.