Symrise Sees 2% Sales Increase, Strong Growth in Menthol Sales
Posted: March 14, 2012
Symrise AG released its 2011 annual results, which showed a 20% margin in earnings before interest and taxes, depreciation and amortization (EBITDA), down from 21.1% last year. The German flavor and fragrance company also reported a modest 2% increase in sales, although global sales were up 7%, with particularly strong sales increases in Latin America.
Perhaps the most exciting growth area for the company was in the scent and care division, where menthol sales saw double-digit increases. Symrise is creating a menthol plant in Holzminden in the upcoming year, and the larger production capacity will make them one of the largest menthol suppliers in the world.
The company also saw growth in emerging markets, which made up 46% of its 2011 sales, up from 37% in 2006. Total sales for the year were € 1.584 billion.
“We held our ground well in 2011 and proved that we can also achieve our ambitious earnings targets in a weaker economic environment,” said Heinz-Jürgen Bertram, chief executive officer of Symrise. “Given the widespread turbulence in many regions of the world and high volatility on commodities and capital markets, maintaining profitability was the top priority for Symrise. We therefore consequently discontinued businesses which were not making a sustainable earnings contribution. And we continued our backward integration for strategic raw materials.”